Shine Lawyers are acting for retirees who lost their life savings when Brisbane-based investment fund Wickham Securities collapsed. The case will head to the courts, with our Professional Negligence Team looking to recoup millions of dollars on behalf of those who have suffered financial loss.
An application in the Federal Court on February 13 will be filed seeking access to financial documents held by Wickham Securities’ trustee company, Sandhurst Trustees.
The investment fund Wickham Securities was placed in liquidation on February 2013, leaving more than 300 self-funded retirees out of pocket to the tune of around $27 million.
Jan Saddler, head of Shine Lawyers professional negligence department, said a class action with more than 80 participants could proceed if they were able to obtain evidence showing Sandhurst failed in its obligations as trustee.
Any potential class action won’t commence for at least 12 months, and Ms Saddler said Shine would hold an open meeting to update burned Wickham investors on February 18.
Last year, Wickham Securities investors were told they may only receive 6 cents for every dollar owed.
But Ms Saddler said she hadn’t spoken to anyone who had seen a cent.
“The typical investor was someone who had just retired from the workforce, who had worked incredibly hard to build up a nest egg,” she said.
“They’ve been left high and dry in their 60s, 70s and 80s. They’re beyond disappointment, they’re just bereft and most of them have no money.”
In September, Wickham Securities chairman Brad Sherwin was handed a 31-month ban from operating in financial services by the Australian Securities and Investments Commission (ASIC).
When it comes to the welfare of your retirement nest egg, few things are more important. Click to read some of Jan Saddlers top tips to protect yourself from dodgy financial advice.
Click to read more about the Wickham Securities Class Action.
Written by Jan Saddler
Written by Shine Lawyers. Last modified: January 21, 2014.