This article is from the Australian Property Journal archive
WESTPOINT investors have secured funding from IMF Australia to launch legal proceedings against two New South Wales based financial planners.
Yesterday, IMF Australia’s managing director John Walker said IMF has agreed to provide funding for those investors who received advice from authorised representatives of the licensed financial planners Quantum Securities Pty Ltd and MASU Financial Management Pty Ltd.
Legal proceedings on behalf of the investors have been launched against Quantum Securities MASU Financial Management in the Supreme Court of NSW.
The claim value is already included in IMF’s Quarterly Case Investment Portfolio.
IMF already has several class actions in the pipeline.
On February 22, 2006, IMF agreed to fund national law firm Slater and Gordon to assist in an ongoing investigation of the various “mezzanine” schemes promoted by Westpoint Corporation and, if thought appropriate, to fund litigation by investors against the financial planners who recommended investment in those schemes.
And on September 21, 2006, IMF announced the funding of the first class action on behalf of Westpoint investors against Professional Investment Services Pty Ltd.
Australian Property Journal
