Previous announcements

Directors of Storm Financial found to have breached their duties under the Corporations Act, 16-277MR, 26 August 2016

The Federal Court has today found that the directors of Storm Financial, Emmanuel and Julie Cassimatis, breached their duties as directors.  The Court also found that Storm Financial provided inappropriate advice to certain investors. 

Read the media release

ASIC and Bank of Queensland reach Storm Financial settlement, 14-244MR, 22 September 2014

ASIC has welcomed its agreement with the Bank of Queensland Limited (BOQ) for BOQ to pay approximately $17 million as compensation for losses suffered on investments made through Storm Financial Limited (receivers and managers appointed) (in liquidation). The compensation will be available to BOQ customers who borrowed from the bank to invest through Storm.

Read the media release

ASIC to press ahead with case against Storm Financial founders, 13-158MR, 28 June 2013

ASIC welcomes the Federal Court’s decision to dismiss an application by Storm Financial founders Emmanuel and Julie Cassimatis seeking summary dismissal of ASIC’s case against them.

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ASIC settles in Storm Financial proceedings, 13-122MR, 29 May 2013,

ASIC has settled the ASIC and Doyle legal proceedings arising out of its investigation into the collapse of Storm Financial Limited (in liquidation) (receivers and managers appointed) (Storm).

Read the media release
Settlement of Richards class action proceedings, 27 May 2013

The settlement of the Richards class action proceedings against Macquarie Bank Limited, negotiated between Macquarie Bank and solicitors Levitt Robinson, would see Macquarie Bank pay $82.5 million (inclusive of legal and administrative costs) in final settlement of the claims of 1050 Storm clients who took out margin loans with the bank.

More about the settlement of Richards class action proceedings
ASIC responds to Storm investors' queries regarding the ASIC/CBA Settlement, 16 April 2013

ASIC has received a number of similar letters from Storm investors with queries concerning the ASIC/CBA Settlement. ASIC understands that much of the content of these letters was provided to Storm investors by Levitt Robinson, the solicitors for the applicants in the Sherwood class action brought against CBA and Colonial First State Investments Limited.

On 16 April 2013, ASIC began sending responses to Storm investors addressing their queries.

View example of ASIC's response to Storm investors
Macquarie Bank settlement of Richards class action proceedings,4 April 2013

On 15 March 2013, Macquarie Bank issued a public statement that it had reached an agreement to settle the Richards class action proceedings - see Macquarie ASX release.

The settlement agreement requires the approval of the Federal Court. On 26 March 2013, ASIC intervened as a party to the Richards proceedings, the purpose for which is to assist the court in the settlement approval process, in particular the nature of the information to be given to class members to enable them to assess the settlement and the proposed allocation of the settlement sum of $82.5m.

The court has made orders to progress the settlement approval process and it will hear the application for approval on 2 May 2013.
Updated frequently asked questions on CBA settlement, 8 March 2013
ASIC and CBA settlement update – CBA commences sending compensation offer letters to customers, 27 February 2013

Earlier releases:


Last updated: 28/10/2016 11:37