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BFCSA: LM Investments and Trilogy - Investors duped into Hedge Funds full of Toxic Mortgages

Posted by on in ASIC'S Negligence
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http://www.smartcompany.com.au/growth/economy/31196-angry-investors-line-up-to-sue-financial-planners-over-lmim-collapse.html#

Angry investors line up to sue financial planners over LMIM collapse

Thursday, 11 April 2013

A "steady stream" of investors are adding their names to what could become a Slater & Gordon class action against financial planners who recommended they invest in mortgage funds issued by collapsed Gold Coast-based fund manager and developer LM Investment Management (LMIM).

Slater & Gordon had already issued legal proceedings against financial advisors on behalf of a number of those investors and says more proceedings will be issued in coming weeks.

LMIM was placed into voluntary administration last month with initial reports suggesting there may be irregularities in how some of the funds operated.

http://www.asic.gov.au/asic/asic.nsf/byheadline/LM+Investment+Management+Limited?openDocument

On 8 August 2013 the Queensland Supreme Court appointed David Whyte of BDO as receiver of the FMIF.  Mr Whyte will effectively have control of the winding up of the FMIF.

This appointment followed ASIC's intervention in court proceedings heard on 15-17 July 2013 in the Queensland Supreme Court (proceeding number 3383/2013).

These proceedings were initially commenced by two unit holders of the FMIF seeking orders for the appointment of Trilogy Funds Management Limited as the new responsible entity of the FMIF. The Court dismissed this application.

ASIC believes that the appointment of a receiver to the FMIF will allow the winding-up to proceed in the most efficient and cost effective way to provide the best chance of achieving the maximum return for investors.

Download the judgement from the Supreme Court of Queensland’s website

On 20 December 2013 the Queensland Supreme Court made orders in relation to the costs of these proceedings. It ordered that:

  1. Trilogy Funds Management Ltd pay 7% of LM's costs of the proceeding; and
  2. LM is to be indemnified from the FMIF only to the extent of 20% of its costs of the proceeding.

 

LM also gave an undertaking that it would not seek from the FMIF any costs of or incidental to the investor meeting convened by notice dated 26 April 2013.

Pursuant to court orders, copies of the relevant court documents, can be found at the following websites:
www.lmaustralia.com
www.lminvestmentadministration.com

A Notice of Appeal was filed by LM Investment Management Limited on 23 September 2013 seeking to appeal the decision of Justice Dalton. The appeal was heard by the Queensland Court of Appeal on 28 November 2013. Judgement has been reserved.

  

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