CBA starts Storm payouts
24/02/2010
Commonwealth bank will pay margin borrowers who were advised by Storm Financial a total of more than $200 million in compensation. The bank will repay investors in cases where it can be shown that the bank acted imprudently by inflating the value of their properties or overstating their ability to repay the loans.
The margin loans were typically used to buy shares which nosedived in value during the global financial crisis. The bank will start to make individual offers of settlement to Storm investors from next week.
Source: The Australian
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