As the Bank of Queensland (BOQ) announced in a press release to the Australian Stock Exchange on Monday 22 September, the Bank has agreed to a $22.1 million settlement of the class action proceedings brought by Levitt Robinson on behalf of Storm Financial clients.
As BOQ mentions in its release, the settlement will be subject to Federal Court approval.
Levitt Robinson will be making an application shortly to the Federal Court of Australia, on behalf of the lead applicants in the class action, for the Court to approve the settlement.
Levitt Robinson will also apply for the Court to approve a notice to be distributed to all group members in advance of the approval hearing, to provide them with information about their rights under the settlement and the proposed settlement scheme.
Further updates will be posted to the web site in coming weeks.
The BOQ press release can be downloaded HERE.