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A national law firm says it is investigating a class action against IOOF, after last week saw the financial services company come under fire, with APRA launching court proceedings against it.
Last week saw APRA open up Federal Court proceedings against IOOF, with the regulator wanting to disqualify the managing director, chairman and CFO of the financial services giant for “failing to act in the best interests of superannuation members”.
Shine Lawyers has now taken a stance against IOOF also, saying it is currently proposing a claim against the company.
The law firm said it has undertaken a year-long investigation into alleged corporate misconduct within IOOF, with backing from ICP and Litigation Lending, and it's proposed claim will be subject to the finalisation of that investigation, as well as interest from IOOF shareholders.
“[Last week’s] action by APRA comes after revelations of alleged corporate misconduct within IOOF in the media in June 2015, followed by appearances by IOOF’s managing director and other senior executives at a Senate Inquiry in July and August 2015 and at the banking royal commission earlier this year. IOOF’s alleged misconduct dates back to at least 2007,” Shine Lawyers said in a statement.
Adding to this, Shine Lawyers special counsel for class actions, Craig Allsopp, who was formerly a senior lawyer in ASIC’s enforcement area, said: “We have been reviewing IOOF’s documents and preparing a claim against IOOF on behalf of shareholders”.
“We are investigating a number of instances of alleged misconduct, as well as whether IOOF had appropriate policies and processes to identify and report misconduct to regulators,” Mr Allsopp added.
“We welcome APRA’s actions against IOOF and we will look closely at what the regulator has to say about alleged misconduct by IOOF.”
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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