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A Federal Court judge has taken a swipe at new regulations that require class action funding arrangements to be registered as managed investment schemes, saying it was difficult to reconcile the new rules with the class action regime.
The High Court has denied a special leave application by the former directors of defunct financial advisory Storm Financial, after the Full Federal Court upheld a ruling finding they had breached their duties to eleven vulnerable investors by providing an inappropriate, one-size-fits-all model of investment advice.
The former directors of defunct financial advisory firm Storm Financial have failed in their appeal of a ruling that found they breached their duties to eleven vulnerable investors by providing a one-size-fits-all model of investment advice that was inappropriate.