Late last week the Federal Court handed down judgment in favour of Shine Lawyers, ordering the trustee which oversaw failed property lender Wickham Securities to hand over documents relating to the $30 million collapse.
Shine Lawyers professional negligence department manager Jan Saddler says the documents could show Sandhurst Trustees failed in its obligations to investors, paving the way for a class action against the company.
“We have been contacted by more than 100 investors who lost their life savings as a result of the collapse,” Ms Saddler said.
“If these documents show that Sandhurst breached its obligations to investors, the next step is to launch proceedings against the trustee on behalf of our clients.”
Brisbane-based Wickham securities collapsed last December after raising funds from investors including elderly retirees and people with self-managed superannuation funds.
For more information please contact Jan Saddler from Shine's Professional Negligence team.
Click to read more about the Wickham Securities Sandhurst Class Action.
Written by Jan Saddler
Written by Shine Lawyers. Last modified: June 11, 2014.