Shine Lawyers is preparing to commence a class action against the Bank of Queensland on behalf of customers who lost hundreds of thousands of dollars after the bank failed to prevent transactions from taking place on their accounts, allegedly in breach of their obligations to their customers.
The action will seek to recover compensation for people who held Bank of Queensland Money Market Deposit Accounts and suffered loss after transactions were performed on those accounts under the instruction of Brad Sherwin, his employees or his related entities, which the customers allege occurred contrary to the bank’s obligations to them as their customers.
The action may also be brought against the accounts’ administrator DDH Graham Limited.
Our investigations have revealed that, by allowing certain transactions to take place, the Bank of Queensland and DDH Graham Limited may have committed breaches of their obligations under the Corporations Act as well as to their customers.
We understand that almost all clients of Brad Sherwin and his related entities had a Money Market Deposit Account opened in their name or the name of their self-managed superannuation fund. Many of these clients appear to have been unaware that this had taken place.
If you were a client of Brad Sherwin or his related entities, you may have suffered significant losses as a result of these alleged breaches and could be entitled to compensation as part of this action. For more information on the action and how you can be involved, get in touch with Shine Lawyers Professional Negligence team on 13 11 99.
The team has over 30 years of experience in running claims involving financial service providers. This experience means that we know how to deal with the tactics typically employed by financial services providers, and avoid the pitfalls and traps which may weaken the claim or delay recovery.
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Written by Jan Saddler
Written by Shine Lawyers. Last modified: September 30, 2015.