Fincorp investors receive settlement cheques
All investors who have participated in a $29 million class action against Fincorp Investments will receive their settlement cheques by Christmas, according to the update released by law firm Slater & Gordon.
The law firm has processed cheques for approximately 4,400 of its 5,390 class action group members and "it is expected that these people will receive their cheques within the next week," said Slater & Gordon litigation lawyer Odette McDonald.
The class action settlement covers investors who had purchased secured and/or unsecured notes issued by Fincorp on or after 7 December 2004 and held those notes as at 23 March, 2007 - when the group collapsed - or who purchased secured and/or unsecured notes prior to 7 December 2004 and rolled the investment over after that date.
The class action commenced in 2009 and is now being brought to an end as the investors receive their settlement cheques.
However, there are a small number of people eligible to recover compensation, who Slater & Gordon have been unable to contact.
"While we are making every effort to locate these people, relevant Fincorp investors who have moved in recent years and have not updated their details should contact us no later than 20 January 2012 to ensure that they receive the funds they are entitled to," McDonald said.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
