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Storm investors sue Bank of Queensland

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AAP

2012-12-14

Investors who lost money through the $3 billion collapse of Storm Financial are suing the Bank of Queensland (BoQ) over its role in the group's demise.

Lawyers acting for the investors filed a statement of claim in the Federal Court on Friday as part of a class action which aims to recoup some of their losses.

The bank said the amount of the claim had not been quantified.

"The bank intends to vigorously defend the claim, and as the matter is before the court, the bank is unable to make any further statement," BoQ said in a brief statement.

The Townsville-based financial services company collapsed in 2008.

The Australian Securities and Investments Commission (ASIC) has been pursuing BoQ and Macquarie Bank over their involvement in Storm's collapse.

The Commonwealth Bank had also been targeted by ASIC, but the bank in September offered Storm clients a $136 million settlement.

A trial investigating Storm's collapse began in the Federal Court in September, involving ASIC and former investors taking part in the class action.

ASIC alleges the banks committed numerous breaches through their involvement with the operation, including unconscionable conduct and operation of an unregistered managed investment scheme.

The banks deny the allegations.