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Shine Lawyers files class action against IOOF, alleging corporate misconduct

Shine Lawyers has filed a class action against IOOF in the NSW registry of the Federal Court on behalf of IOOF shareholders.

The action, funded by Litigation Lending, comes after Shine Lawyers completed extensive investigations into alleged corporate misconduct within IOOF, which included obtaining a Federal Court order for IOOF to produce documents relevant to the claims made against them.

Shine Lawyers’ Class Actions Practice Leader, Craig Allsopp, who was formerly a senior lawyer in ASIC’s enforcement area, said today, “filing this class action against IOOF is a significant step towards redress for IOOF shareholders who have suffered losses from the alleged wrongdoing they have been victims to. IOOF will now be answerable to the court.”

The proceeding filed by Shine Lawyers focuses on claims of alleged misconduct within IOOF over several years from 2009 to mid-2015. Revelations of the company’s alleged malpractice led to half a billion dollars being wiped off the value of IOOF shares in June and July 2015.

Stuart Price, CEO of Litigation Lending, also commented on the filing of the class action. “We’re pleased to support this action which seeks to hold IOOF accountable for shareholder losses.” said Mr. Price.

Shine Lawyers is reaching out to IOOF shareholders who acquired IOOF shares in the period from 1 March 2014 to 7 July 2015 to register for the class action. If shareholders believe they are eligible to join, Shine can be contacted through their website and the below contacts.

Further information:

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Media & Communications Team Leader | Miriam Sawan Phone: 0436 666 575 msawan@shine.com.au

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