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BFCSA: ASIC took five years to settle one case with the Bank Cartel. Where is Enforcement of Law?

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Storm Financial investors Barry and Deanna Doyle win $1.1 million full compensation settlement with banks

THE corporate watchdog has struck a second settlement deal with banks which loaned money to investors in the Storm Financial disaster.

The Australian Securities and Investments Commission announced this morning that it had secured a $1.1 million settlement with Bank of Queensland, Macquarie Bank and Senrac Pty Ltd on behalf of Storm investors Barry and Deanna Doyle.

The payment, which the banks have made with no admission of liability, will fully compensate the couple for their losses related to the collapse of their Storm portfolio in 2008. A three week trial was set to start on Monday in the Federal Court.

ASIC launched the proceedings in December 2010 alleging breach alleging breach of contract, unconscionable conduct and liability as linked credit providers.

ASIC Chairman Greg Medcraft said the case was brought "to hold the banks accountable for their role in the losses suffered by those who invested through Storm and to establish a basis upon which the Doyles, and ultimately other Storm investors, could achieve fair and adequate compensation".

 

In a related action announced late Friday, ASIC said it would appeal an $82.5 million resolution of a class action launched by more than 300 Storm victims against Macquarie. The regulator alleges the compensation structure is flawed.

ASIC has previously settled its case against the Commonwealth Bank but still has ongoing actions against BoQ and Macquarie alleging they operated an unregistered managed investment scheme with Storm.

NB: It took ASIC only 5 years to "strike a deal" with the banks.  This is only over ONE settlement.......what about the others?

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  • doyla66
    doyla66 Thursday, 30 May 2013

    ASIC - Bankster's 'best friend', never regulator 'best practice'

    ASIC's snafu ~ "situation normal: all fouled-up"; craftily extracts "without admissions"; denying Storm victims "case law" --needed to reach satisfactory settlement in their own outstanding claims against bankster cartel et al.

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Guest Friday, 04 December 2020