Shine Lawyers has confirmed it is investigating potential class actions against ANZ Bank (ANZ) and the Royal Bank of Scotland (RBS) on behalf of more than 400 clients who suffered loss following inappropriate investment advice.
The actions will allege that ANZ and RBS financial products were sold to clients of Penrith-based Navra Financial Services (Navra) and that these products were inappropriate for their purposes.
Shine Lawyer’s investigations could see ANZ and RBS facing claims of more than $200 million for breach of contract, unconscionable conduct and liability as a linked credit provider to Navra.
Shine Lawyers principal Sasha Ivantsoff said that most Navra clients were “double-geared” and some now faced debts of almost $1 million.
“We’ve been contacted by one income families who now face debts of hundreds of thousands of dollars, with no realistic prospects of repaying it,” Mr Ivantsoff said.
He said Navra clients were advised to mortgage their homes to raise funds to purchase investments, including ANZ margin loans and RBS instalment warrants, which would eventually be wiped out.
“In most, if not all cases, the banks did nothing to verify the clients’ ability to repay the margin loans, instead preferring to engage in ‘asset lending’,” he said.
People who purchased ANZ or RBS products from Navra between 2004 and 2011 and experienced loss could be entitled to compensation. Click to read some frequently asked questions in relation to the RBS class action or contact us to see how we can help.
RBS Class Action – Free Information SessionShine Lawyers held a free information session 4th February 2015, for clients of Navra Financial Services between 2005 and 2014 who acquired Royal Bank of Scotland (RBS) issued warrants.
If you lost money as a result of acquiring these products, you may be entitled to compensation. Contact us to find out more.
Written by Shine Lawyers. Last modified: September 14, 2014.