Banking royal commission silk enlisted for Insignia lawsuit

The Australian Financial Review2023-05-31

Barrister Michael Hodge KC, who in 2018 was counsel assisting the Hayne royal commission, will act for aggrieved shareholders of wealth manager Insignia Financial in a class action that goes to trial ...

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Its shares fell by 1.7 per cent to $2.88 on Wednesday.Shareholders who purchased Insignia shares between March 1, 2014, to July 7, 2015, are eligible to join the class action.The announcement comes just one day after former royal commissioner and High Court judge Kenneth Hayne lambasted ongoing “conflicts of interest” in the finance industry in a rare public appearance.In a statement to The Australian Financial Review, Shine Lawyers joint head of class actions Craig Allsop claimed: “We claim the company breached its continuous disclosure obligations and misled its shareholders.”He continued: “We claim that the misconduct alleged in this case seriously undermined that trust and damaged the company’s reputation. It is unsurprising that the company has since abandoned its well-known ‘IOOF’ branding.”A spokeswoman for Insignia said: “This case relates to events that are alleged to have occurred more than seven years ago and in some cases nearly 15 years ago. Insignia Financial will vigorously defend the claim and is looking forward to having the matter heard and determined.”The spokeswoman declined to comment further since the matter was before the courts.Californian litigation firm Quinn Emanuel dropped its class action lawsuit against IOOF in May 2020 after the Australian Prudential Regulation Authority failed to have a number of its former executives and directors disqualified from the financial services industry.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2339298208"}