Home Page2019-06-12T06:19:31+10:00

IOOF CLASS ACTION INVESTIGATION

Quinn Emanuel Urquhart & Sullivan, LLP (Quinn Emanuel) is investigating a claim against IOOF Holdings Limited (ASX:IFL) (IOOF) on behalf of shareholders who acquired shares between 27 May 2015 to 9 August 2018.

Quinn Emanuel’s proposed claim against IOOF arises from, amongst other things, evidence given by IOOF at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). The evidence concerned breaches by IOOF’s subsidiaries, and directors and officers, of their obligations as superannuation trustees.

Following these revelations at the Royal Commission, and the announcement of various proceedings against IOOF’s subsidiaries and officers related to those breaches by the Australian Prudential Regulation Authority (APRA), IOOF shares lost over 35% of their value.

The class action is backed by Regency Group.

Quinn Emanuel alleges that during the period 27 May 2015 to 9 August 2018, IOOF contravened its continuous disclosure obligations under the ASX Listing Rules and engaged in misleading or deceptive conduct.

Registration

Registration is open to IOOF shareholders who acquired IOOF shares between 27 May 2015 to 9 August 2018 (inclusive). Register your interest here.

Registration Form

Contact details

For any queries call Quinn Emanuel on (02) 9146 3500 or email us at IOOFclassaction@quinnemanuel.com

In The News

APRA flexes new muscles at IOOF

Australian Financial Review, 22 May 2019 – The prudential regulator has for the first time used its directions power against IOOF for failing to meet licence conditions, raising more questions about a billion-dollar deal with ANZ going ahead. Read more…

IOOF, ANZ deal faces extra APRA hurdle

Australian Financial Review, 13 May 2019 – Besieged wealth group IOOF has revealed yet another hurdle before its billion-dollar purchase of ANZ’s OnePath superannuation business can go ahead – the blessing of the prudential regulator. Read more…

IOOF skimmed super members: APRA

Australian Financial Review, 1 May 2019 – Former IOOF managing director managing director Chris Kelaher ran the financial services company like a personal fiefdom and once unilaterally refused a request from Optus to move its staff super fund elsewhere without a reason, according to court documents. Read more…

Troubled IOOF hit with fresh action by super regulator

The Sydney Morning Herald, 26 April 2019 – Financial services giant IOOF has received another setback in its push to buy ANZ’s superannuation arm after it again fell afoul of the superannuation regulator over delays to a restructure of its allegedly conflict-riddled super business. Read more…

Investors hit IOOF with class action

Weekend Australian, 13 April 2019 – Embattled wealth manager IOOF has been slapped with a class action alleging it failed to tell shareholders about the Australian Prudential Regulation Authority’s concerns over possible breaches of superannuation laws. Read more…

Wealth manager IOOF hit with class action lawsuit

The Saturday Age, 13 April  2019 – Australia’s second-largest wealth manager, IOOF Holdings, was sued on Friday by shareholders who alleged the company engaged in deceptive conduct and breached sharemarket disclosure obligations. Read more…

IOOF accused of misleading shareholders as class action filed

Australian Financial Review, 12 April 2019 – Embattled wealth company IOOF has been accused of misleading shareholders, causing them to pay an inflated price for the company’s shares. Read more…

Legal hurdle raised for ANZ super sale to IOOF

Australian Financial Review, 12 April 2019 – Law firm Slater & Gordon has urged regulators to intervene in preparations for the sale of ANZ’s superannuation business to IOOF because members could be exposed to additional fees. Read more…

IOOF faces class action over APRA fallout

Australian Financial Review, 17 March 2019 – Embattled wealth company IOOF is facing a shareholder class action over its alleged failure to inform shareholders about its fallout with the regulator over the alleged breach of superannuation laws. Read more…