• Contact
  • Feedback
Banking Day
ConfidentiallySpeaking.com.au Logo
High-impact negotiation masterclass | July 9 & 16, 2025 | 5:00pm - 8:30pm
This high-impact negotiation masterclass teaches practical strategies to help you succeed in challenging negotiations.
Register Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Setback for Storm litigants

16 December 2011 5:16PM
Two clients of Storm Financial will have to draft fresh pleadings in legal action against Commonwealth Bank over the bank's alleged role in investment losses suffered by the pair.In the Federal Court, Justice Nye Perram ruled that various elements in the original pleadings of Mark Irving and Anthony Oliver must be struck out because of defects in the presentation of the legal argument by their lawyers.Irving and Oliver are seeking compensation from the bank over losses suffered in late 2008 when the bank closed out the margin loans provided to them.The two investors - both medical practitioners in Sydney - were clients of Storm Financial and borrowed A$24 million from Colonial to fund investments in listed shares. Commonwealth Bank's Colonial arm was a key provider of margin loans to Storm, a financial planning business that failed three years ago.Among other allegations, the two investors allege that the bank failed to act in good faith and that it acted unconscionably, both charges denied by the bank.The case is of interest because it may lead to a trial that will, in part, assess the alleged "system" for leveraged investments operated by Storm in conjunction with its preferred funders, in this case CBA.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
ConfidentiallySpeaking.com.au Logo
High-impact negotiation masterclass | July 9 & 16, 2025 | 5:00pm - 8:30pm
This high-impact negotiation masterclass teaches practical strategies to help you succeed in challenging negotiations.
Register Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use