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Class action edges closer for Sandhurst

Written by:
Jan Saddler
Head of Class Actions

We will soon head to the courts on behalf of more than 100 retirees who lost their life savings when a Brisbane-based investment fund collapsed.

Our team will appear in the Federal Court on 19 March seeking access to documents held by the trustee of Wickham Securities debenture trust, Sandhurst Trustees.

We are seeking access to documents to help us understand what Sandhurst did as trustee. The documents could show that Sandhurst failed in its trustee obligations, paving the way for a class action against the company.

A class action could proceed if we are able to obtain evidence showing Sandhurst breached Section 283 DA of the Corporations Act, requiring the company to “exercise reasonable diligence” to ascertain whether Wickham could repay investors.

Wickham Securities was placed into liquidation on February 2013, leaving self-funded retirees more than $30 million out of pocket.

On February 19, legal activist and Shine ambassador Erin Brockovich joined our team as we met with more than 80 investors to discuss the actions they could take to recover their lost funds.

Erin encouraged the investors to draw strength from each other and find their voices again by banding together.

“When we've been deceived it damages your self-esteem. It damages how you believe in yourself and your decisions. Part of healing from that is going to speak up,” she said.

“You can find your voice again by being together.”

Click to read more about the Wickham Securities Sandhurst Class Action.

Written by Jan Saddler. Last modified: March 3, 2014.

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