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Storm Financial loses $17m damages bid

Storm Financial loses $17m damages bid
Storm Financial's former directors' attempt to claw back more than $17 million from the Commonwealth Bank has been thrown out by the Brisbane Supreme Court.

Emmanuel and Julie Cassimatis's Townsville-based company cost thousands of customers their entire life savings and homes after their investment strategy backfired during the 2008 global financial crisis.

The couple were seeking to recover damages from the bank after it allegedly breached its duty of care but the case was dismissed on Thursday because they had shown an inability and unwillingness to co-operate with the court.

Justice John Bond found Mr and Mrs Cassimatis continued to significantly delay the case because they had chosen to allocate their time and money to other court matters, including defending legal action taken against them by ASIC in the Federal Court.

Storm folded in 2009 with debts of $88 million.

The Federal Court found in September that as directors, the Cassimatises had contravened their legal duty to carry out their job with "care and diligence" by giving inappropriate financial advice to vulnerable clients.

ASIC had alleged Storm's model was flawed for investors who fell into a particular class - namely retired or near-retired people with few assets and a limited income.

This article was found at:
Author: Sarah Motherwell
Last modified onSaturday, 03 December 2016 22:54

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