ANZ calms the Storm
(20 September 2010 – Australia) Australia and New Zealand Banking Group become part of a Storm Financial special resolution scheme that will see customers interest waived on loans taken out to invest in the collapsed financial advisor.
ANZ has followed the Commonwealth Bank into the scheme after also being criticised for lending irresponsibly to Storm customers, some of whom lost their life savings when the Queensland-based financial adviser collapsed and was subsequently placed in liquidation in 2008.
The law firm assisting with the scheme, Slater & Gordon, will this week write to the 100 ANZ customers about the program, which will see any interest on relevant loans waived while they are taking part.
Lawyer Damian Scattini says it is a fair outcome and that all participants will have their case looked at individually.
Everyone will have a lawyer considering their claim and advocating for them, Mr Scattini added.
The firm is hopeful that it will achieve fair, sound outcomes for its clients in a much sooner time than if we went through the traditional route, Mr Scattini highlighted.
The law firm noted that around 900 of 1,100 claims have been settled under a similar scheme with the Commonwealth Bank.
Mr Scattini says the only outstanding party to come to the table is the Bank of Queensland.
This matter is in court and we will have our trial probably in the first half of next year, Mr Scattini said.
The law firm assisting with the scheme, Slater & Gordon, will this week write to the 100 ANZ customers about the program, which will see any interest on relevant loans waived while they are taking part.
Lawyer Damian Scattini says it is a fair outcome and that all participants will have their case looked at individually.
Everyone will have a lawyer considering their claim and advocating for them, Mr Scattini added.
The firm is hopeful that it will achieve fair, sound outcomes for its clients in a much sooner time than if we went through the traditional route, Mr Scattini highlighted.
The law firm noted that around 900 of 1,100 claims have been settled under a similar scheme with the Commonwealth Bank.
Mr Scattini says the only outstanding party to come to the table is the Bank of Queensland.
This matter is in court and we will have our trial probably in the first half of next year, Mr Scattini said.
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