Lawyer hits ASIC on Storm delay
29-Apr-2010
Lawyer hits ASIC on Storm delay
Anthony Marx - The Courier Mail
29 April 2010
A LAWYER planning to launch a class action against the Commonwealth Bank and other lenders on behalf of about 250 Storm Financial victims has accused the corporate regulator of blocking the case without just cause.
Stewart Levitt said yesterday that since March 19 he had sought an exemption from ASIC to allow his lawsuit to be filed without the need to have it registered as a ``managed investment''. He is now seeking an urgent meeting with ASIC chairman Tony D'Aloisio over the roadblock, which has its origin in a decision by the Full Court of the Federal Court handed down last October.
ASIC spokeswoman Georgie Morell said yesterday that a decision on the Levitt matter was expected by the middle of next week.
