Your time will come say Storm clients to banks

National Australia Bank, Macquarie Bank, St George Bank and Westpac now face action from clients of Storm Financial who have lost money as a result of the collapse of the Townsville based financial advisory firm.

Five hundred Storm clients met in Brisbane last night and were told by lawyers from Slater and Gordon that the other lenders will also face scrutiny “Their time will come,” said Lawyer Damian Scattini.

Scattine brokered a deal with the Commonwealth Bank under which all CBA borrowers affected by Storm will have their cases reviewed free of charge and may be eligible for remediative action by the bank.

Bank of Queensland has so far refused to negotiate.

Noel O'Brien, co-chair of the Storm Investors Consumer Action Group (SICAG), said the other banks "cannot hide" behind the Commonwealth Bank. "They were all involved in the problem to varying degrees," he said.

Source: Courier Mail

Advertisement