BoQ facing litigation by bank franchisees
Publicly listed litigation funder IMF Australia has announced it will be backing claims by Bank of Queensland (BoQ) franchisees against the banking group, currently being heard in the NSW Supreme Court.
IMF Australia announced to the Australian Securities Exchange today that it had agreed to fund the claims that arose out of representation allegedly made by BoQ concerning the viability of the bank’s franchise model – including expected business volume and revenue levels.
IMF Australia said that the proceedings had already begun in the NSW Supreme Court, and would now be funded by IMF along with further proceedings expected to be start in the near future.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
