We want more say Storm victims

Hundreds of unhappy Storm Financial margin investors who lost their portfolios are holding out for a bigger compensation payout than has been offered to them by the Commonwealth Bank.

The bank has offered cash refunds and home loan cuts to up to 2000 former investors in Storm Financial who lost their homes and life savings when Storm collapsed just over a year ago. An Australian Securities and Investment Commission investigation is due to be released next month.

Lawyer Stewart Levitt, who represents 70 Storm victims, said his firm was likely to file a class action in the Federal Court by Easter. He cited a legal precedent in the Goodridge vs Macquarie Bank case in the Federal Court two weeks ago to have a client's entire portfolio reinstated in full.

Source: Courier Mail

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