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IMF funds action against NAB

Litigation funder IMF announced yesterday that it has agreed to fund a representative action against National Australia Bank brought by former clients of the South Australian accountant Allan McFarlane.IMF said the claim related to the operation of the McFarlane Chartered Accountants Trust Account, a bank account held by the late Allan McFarlane with NAB.The claims in the representative action relate to alleged misuse of trust monies of clients of Allan McFarlane.About 70 former clients of McFarlane are seeking to recover A$13.5 million from the bank. The former clients claim that the bank should have been aware of irregularities in the operation of the trust account.IMF will fund an application seeking access to documents held by NAB in respect of the operations of the trust account.

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