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A conditional settlement between customers of E&P Financial Group and respondents has been reached.
The class action was filed by Shine Lawyers and the settlement is subject to court approval.
No less than $16M will be shared between an estimated 4,000 group members.
Shine Lawyers has settled a class action against E&P as well as other respondents following a court ordered mediation. E&P was one of four respondents in the Dixon Advisory class action which was filed by the firm in December 2021.
The class action alleged the advice given to Dixon Advisory clients was not suitable for their particular needs, was not in their best interests and conflicts of interest were not adequately addressed in relation to recommendations to invest in Evans Dixon Group products and investments.
The four respondents included:
Dixon Advisory Superannuation Services Ltd (‘DASS’)
E&P Financial Limited
DASS was placed into voluntary administration on 19 January 2022. The class action continued against E&P Financial Limited. The settlement is without admission of liability.
"We are pleased to have been able to reach a resolution in this class action for group members subject to the Court’s approval, and that group members will retain their rights to bring a claim against DASS, pursuant to the financial compensation scheme of last resort” said Vicky Antzoulatos, Joint Head of Class Actions at Shine Lawyers.