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Insignia Financial Class Action (formerly IOOF)

Shine Lawyers is acting for shareholders of Insignia Financial Limited Class Action (formerly IOOF Holdings Limited) (IFL), who are seeking to recover losses suffered as a result of alleged non-disclosures and potentially misleading and deceptive conduct affecting purchases of IFL shares in the period from 1 March 2014 to 7 July 2015 (inclusive).


IOOF has recently changed its name to ‘Insignia Financial Ltd’. This does not affect any aspect of the class action.

The Court has listed the class action for trial for 5 weeks, commencing on 5 June 2023. A timetable has also been set for the parties to prepare the matter for trial, including completing:

  • The evidence, including witness affidavits and expert reports that each party intends to rely upon at trial;
  • An opt-out and registration process for group members;
  • Mediation, which isto occur by April 2023; and
  • Conferral on orders for the conduct of the trial.

Shine Lawyers will provide group members with periodic updates on any further developments in the class action.

What is the Insignia Financial Class Action (formerly IOOF) about?

Shine’s Class Actions Team is acting for shareholders pursuing claims against IFL, alleging material non-disclosures and misleading or deceptive conduct by IFL during the period 1 March 2014 to 7 July 2015.

IFL is an ASX listed, vertically integrated financial services provider. From 2009 to 2014 IFL experienced rapid growth in its funds under management through an acquisition and consolidation strategy.

The non-disclosures and misleading and deceptive conduct relate to alleged corporate misconduct within IFL disclosed in Fairfax Media articles in June 2015, at Senate hearings in July and August 2015 and at the Financial Services Royal Commission.

Details of the alleged misconduct included insider trading, front running, failure to manage conflicts of interest, data integrity and cybersecurity failures and failures of compliance oversight, occurring in the period 1995 to 2015.

It is alleged that by failing to disclose alleged corporate misconduct within IFL between 1 March 2014 and 7 July 2015 the company:

  • breached its continuous disclosure obligations, and/or;
  • engaged in misleading and deceptive conduct.

If you acquired IFL shares between 1 March 2014 and 7 July 2015, you may be eligible to join this class action.

Why choose Shine Lawyers’ Class Action Team

Shine Lawyers’ Class Actions Team possess the skills, industry insight and dedication to deliver exceptional results for everyday Australians. We have fought for successful outcomes for group members in class actions against high profile corporate and government entities, including Johnson & Johnson and DePuy International, as well as the Department of Defence.

Craig Allsopp, who leads this class action, has extensive experience as a solicitor and specialised expertise in shareholder class actions. Craig leads a team of highly skilled lawyers with a proven record in complex, multi-party litigation.

To learn more about our work in this area of law, visit our Class Actions page.

Can I join the Insignia Financial Class Action (formerly IOOF)?

To be part of this class action you must have:

  • Purchased shares in IFL between 1 March 2014 and 7 July 2015 (inclusive).

If you meet the above criteria, you may be entitled to compensation, and you are encouraged to register in the IFL Class Action.

How to register for the Insignia Financial Class Action (formerly IOOF)

To register on a confidential, no-cost, no-obligation basis, please click the button below and fill out the form.

Sign up for the class action

Register now

To find out if you are eligible and obtain more information about the Insignia Financial class action please contact us via email at [email protected] or via phone on (02) 8754 7237.

Background to the Insignia Financial Class Action (formerly IOOF)

  • Fairfax Media first published articles on IFL’s alleged misconduct. The articles included several allegations of misconduct within IFL’s research department, which provides services to IFL’s financial dealer network, managed funds and superannuation funds.

  • Following the Fairfax Media articles, IFL’s share price experienced its largest ever single day fall to that point, closing down 13.3% or $1.42.

  • IFL CEO Chris Kelaher appeared before a Senate hearing and admitted that IFL had not reported serious past allegations of insider trading and front running by IFL’s senior staff to ASIC. IFL’s share price dropped by another $0.29.

  • Mr Kelaher and other IFL executives were questioned again, this time by the Banking Royal Commission. During questioning it was revealed that IFL’s Questor subsidiary had allegedly disadvantaged members of a super fund compared to private investors. Following Mr Kelaher’s appearance IFL’s share price dropped by a further 6%.

  • IFL announced Mr Kelaher’s resignation. Prior to this, APRA had filed a claim against IFL, Mr Kelaher and others in relation to matters disclosed during the Financial Services Royal Commission. APRA’s claim was ultimately unsuccessful.

  • Shine Lawyers commenced the class action on behalf of IFL shareholders.

Who is Shine Lawyers’ Class Action Team?

Shine Lawyers’ Class Action Team includes some of the firm’s most experienced solicitors and support staff. The team includes:

Common Questions

There are three criteria that need to be fulfilled for a class action to take place:

  • There must be seven or more people claiming;
  • The claims must arise out of the same, similar, or related circumstances; and
  • The claim must relate to at least one common issue of law or fact.

Class actions in Australia work on an opt-out model. This means that all potential claimants become group members of the action whether they intend to participate or not. These group members are bound by the judgment of the court or settlement unless they opt-out. The group members in a class action are usually notified about the class action by order of the Court.

Due to the size of each individual claim, the costs of running this action as an individual would quickly exceed the potential damages recoverable. As each group member’s claim involves many common questions of fact and law, running this action as a class reduces the average cost of litigation to a client by only addressing the common issues once at trial, instead of multiple times.

Due to the nature of class actions, the first stage of the proceedings often take between twelve months to three years or more from its commencement.

Unless a settlement is reached, the first stage will only resolve the common issues of the proceedings and the lead representative’s claims, with group member claims to be resolved individually at a second stage of the proceedings.

It costs you nothing to join the class action, and you will not have to pay any out-of-pocket costs. You will have no liability for legal costs if the class action is unsuccessful.

The legal costs will be paid by a third-party litigation funder, LLS Fund Services, a part of Litigation Lending Services Limited (LLS). As such, there are no out-of-pocket legal expenses for you to pay.

In return for funding the action, upon settlement or judgment in favour of the applicant, LLS will receive, after reimbursement of all disbursements, legal fees and expenses from the settlement or judgment sum, a ‘success’ fee. This is a percentage of any settlement or judgment sum. The amount LLS receives will need to be approved by the Court as fair and reasonable.

In the event the proceedings are unsuccessful, LLS has agreed to pay any adverse costs order. LLS will also meet any security for costs requirement.