IOOF rebuts class action claims
IOOF has sought to defend itself in the face of a class action moves by plaintiff law firm, Maurice Blackburn, claiming the proposed action is "misconceived both factually and at law".
In a statement issued on the Australian Securities Exchange (ASX) in the wake of a call by Maurice Blackburn seeking expressions of interest from IOOF shareholders in a class action, IOOF said it was confident in its position and rejected claims that it had breached its continuous disclosure obligations or might have engaged in misleading or deceptive conduct.
"IOOF complies with the law in relation to its continuous disclosure obligations and rejects any suggestion that its approach is inadequate," it said.
"In the interests of its shareholders, IOOF will vigorously defend any claim."
Maurice Blackburn yesterday claimed an investigation into alleged regulatory breaches by IOOF, had "reached a critical point".
In doing so, the law firm called for institutional and retail investors who purchased shares in the company between 1 December 2013 and 19 June 2015, to register their interest and claims.
IOOF found itself in the spotlight amid media reports of failings within its research department with the reports later giving rise to strong questioning of IOOF managing director, Chris Kelaher, by a Senate Committee.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
