Shine Lawyers is set to launch a class action against Sandhurst Trustees after securing a Federal Court ruling earlier this month.
The Federal Court ordered Sandhurst, the trustee company who oversaw failed investment fund Wickham Securities, to hand over documents which could show that it failed in its obligations to investors.
More than 300 retirees from across Australia lost life savings of close to $27 million when Wickham Securities went into liquidation two years ago.
“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,” she said.
Ms Saddler said the documents would be received within a month and would take up to 6 months to assess.
Ms Saddler said the action would likely grow to include up to 180 investors, most of which had not received a cent from the Sandhurst.
“These investors who had just retired from the workforce were all in their 60s, 70s and 80’s and have now been left in a state of financial unease,” she said.
“They’re beyond disappointed, they’re just bereft and most of them have no money.”
Wickham Securities’ lack of financial management was revealed in earlier court documents which showed that the company did not maintain proper records. It is also alleged that financial documents were forged to inflate the company’s bank balance by $10.5 million.
In September 2013, Wickham chairman Brad Sherwin was given a 31-month ban from operating in financial services by the Australian Securities and Investments Commission.
Shine Lawyers Professional Negligence Department is committed to pursuing action against Sandhurst Trustees in order to recover the millions of dollars lost on behalf of innocent retirees.
Click to read more about the Wickham Securities Sandhurst Class Action.
Written by Jan Saddler
Written by Shine Lawyers. Last modified: March 9, 2015.