Shine Lawyers participated in a Court-ordered mediation with Insignia Financial and its representatives. As settlement was not reached between the parties, the class action proceeded to trial before the Honourable Justice Andeson, concluding in June 2023. Justice Anderson has reserved judgment and will notify the parties shortly before the judgment is delivered.
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 and alleged issues concerning IFL's business model, as 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 the alleged corporate misconduct and the allege issues with IFL's business model 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.
Can I join the Insignia Financial Class Action (formerly IOOF)?
To be part of this class action you must have:
Purchased (or aquired an interest in) ordinary shares in IFL between 1 March 2014 and 7 July 2015 (inclusive); OR
Acquired a long exposure to IFL shares by entering into equity swap confirmations in respect of IFL shares 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.
Frequently Asked Questions
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim.
Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively.
For a class action to take place, there are three criteria that need to be met:
There must be 7 or more people that have claims against the same defendant; and
The claims relate to the same or similar circumstances; and
The claim must relate to at least one common issue of law or fact.
For more information about how class actions resolve, click here.
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim.
For more information about class actions and how they work, click here.
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any costs or financial risk, so joining a class action will cost you nothing.
When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Yes, your contact details will remain confidential and we will seek your consent before disclosing any of your personal information (including before such disclosure is required by the Court).
Shine Lawyers will only use your personal information strictly for the purpose of the legal proceedings.
Meet the Insignia Financial Class Action team
Shine Lawyers’ Insignia Financial Class Action team includes some of the firm’s most experienced litigators, solicitors and support staff. You can learn more about the team running this class action by clicking on their profile below.
Why Choose Shine Lawyers?
In successful settlements and judgments
We have secured more than $1 billion in class action settlements and judgments for our group members.
years of collective experience
Our team includes the country’s most experienced class actions experts and litigators with the skill, industry insight and dedication to deliver the best possible outcomes for deserving Australians.
dedicated class actions team members
We are proudly one of the largest class actions teams in the country. Our senior practitioners are supported by a dedicated team devoted to the complex field of class actions.