All investors who have participated in a $29 million class action against Fincorp Investments will receive their settlement cheques by Christmas, according to the update released by law firm Slater & Gordon.
The law firm has processed cheques for approximately 4,400 of its 5,390 class action group members and "it is expected that these people will receive their cheques within the next week," said Slater & Gordon litigation lawyer Odette McDonald.
The class action settlement covers investors who had purchased secured and/or unsecured notes issued by Fincorp on or after 7 December 2004 and held those notes as at 23 March, 2007 – when the group collapsed – or who purchased secured and/or unsecured notes prior to 7 December 2004 and rolled the investment over after that date.
The class action commenced in 2009 and is now being brought to an end as the investors receive their settlement cheques.
However, there are a small number of people eligible to recover compensation, who Slater & Gordon have been unable to contact.
"While we are making every effort to locate these people, relevant Fincorp investors who have moved in recent years and have not updated their details should contact us no later than 20 January 2012 to ensure that they receive the funds they are entitled to," McDonald said.
