Sniffing a return from IOOF
One way or another, the financial planning industry has provided rich pickings for plaintiff law firms over the past decade and so Outsider was not at all surprised to hear that IOOF had become the latest target for a class action.
In fact, Outsider had only to give a cursory glance to the Hansard transcript of the appearance of IOOF's Chris Kelaher before a Senate Committee to predict that some keen-nosed legal beagle would smell litigation blood.
And so it has transpired that plaintiff law firm, Maurice Backburn, earlier this month began the process of mounting a class action against IOOF over the failings within its research department which were the subject of media reporting and therefore the Senate Committee's interrogation of Kelaher.
More interesting to Outsider, however, is that Maurice Blackburn is acting with the financial backing of UK litigation funding firm, Harbour Litigation Funding.
Litigation funders are not unlike fund managers and you can safely assume they have weighed up all the factors in extracting a return on their investment.
AUTHOR
The Outsider
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