More Federal Court action on Rembrandt Notes
The Federal Court decision impacting ratings house Standard & Poor's and investment bank ABN Amro over complex financial products does not represent the end of the issue, with publicly-listed litigation funder IMF Australia backing further proceedings.
IMF Australia announced to the Australian Securities Exchange (ASX) late yesterday that it had agreed to fund litigation against ABN Amro Bank NV and McGraw Hill International (UK) Limited (the owner of Standard & Poor's) in relation to the purchase of Community Income Constant Proportion Debt Obligation Notes - Rembrandt Notes 2.
The announcement said the litigation followed on from this week's Federal Court judgement.
It said the litigation had been started in the Federal Court by Muswellbrook Shire Council on its behalf and as a representative of other investors.
Recommended for you
Iress chief executive Marcus Price has shared how he is seeing “massive tailwinds” in financial advice in Australia, with the firm turning its attention to digital advice following the completion of its transformation project.
Licensee Centrepoint Alliance has shared its first half FY25 results with strong performance coming from the acquisition of Financial Advice Matters.
Professional services firm AZ NGA has announced a group chief financial officer, who previously spent six years as Fitzpatricks Financial Group’s CEO.
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.
