Progress made in BBY client claims
Clients of failed stockbroker BBY can now lodge their claims online after four years of investigations and legal proceedings.
Former clients would be able to access an online website, available until 20 September, 2019 to verify their claims for money and assets held by BBY at the time of its collapse in May 2015.
The collapse was the largest Australian stockbroking failure since the GFC with 6,000 former clients claiming $62 million against client assets. BBY held assets in, among others, client segregated accounts, futures contracts and options, exchange traded options and products offered via Saxo Capital Markets.
Once all client claims had been verified and adjudicated, cash distributions would be made to clients from the available funds. The expected date for this was late 2019.
Liquidator Stephen Vaughan of KPMG Australia, said: “The unusual circumstances surrounding BBY’s collapse in 2015, and the way client funds were managed, raised complex legal issues impacting the outcome for clients.
“This is a positive step forward in the process of returning available funds to clients who suffered losses as a result of the collapse of BBY. However, there is still a way to go on this journey and we urge clients to remain patient as we work through the remaining process.”
AUTHOR
Laura Dew
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