ACA Lawyers Clarify FMIF Class Action Position

Post date: 02-Jun-2014 09:46:56

ACA Lawyers who were canvassing for interest in a LMIM oriented class action have clarified their position through an email to those that had registered interest. ACA Lawyers have agreed to a display of that clarification here. It offers no help to foreign investors. Here is the content of the email:

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Thank you for your interest in the LM Investments litigation.

If you were a member of the L M First Mortgage Fund, we suggest that you make contact with Piper Alderman, who we understand are compiling a class action claim: http://www.piperalderman.com.au/class-actions/lm-investment-management

If you were not a member of the LM First Mortgage Fund, but either you or your financial adviser are based in Australia, we may be able to assist you in a claim before the Financial Ombudsman’s Service (FOS).

In order to bring a claim before FOS, your total loss needs to be less that $500,000 and the maximum amount recoverable from any action is $280,000. If your loss is more than $500,000 you cannot claim part of your loss up to the maximum of $500,000. Unfortunately if both you and your adviser are based overseas we are unable to bring a claim on your behalf with FOS.

Do not hesitate to contact me if we are able to assist with a Financial Ombudsman’s Service claim or if you have further enquiries.

Kind regards

Amie Tahiri (amie.tahiri @acalawyers.com.au) | Paralegal | ACA Lawyers

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