IOOF is refusing to answer questions about what a class action in Australia could mean for its New Zealand business.
Law firm Maurice Blackburn is preparing a shareholder class action against the firm for breaches of continuous disclosure laws and misleading and deceptive conduct.
An investigation by Fairfax in Australia found evidence of insider trading, faulty research reports and misrepresentation of performance figures to customers.
But IOOF rejected the claims.
A spokeswoman said: “IOOF is confident that the proposed action described by Maurice Blackburn is misconceived both factually and at law. It would be purely speculative and is not in IOOF shareholders’ interests. IOOF complies with the law in relation to its continuous disclosure obligations and rejects any suggestion that its approach is inadequate. In the interests of its shareholders, IOOF will vigorously defend any claim.”
She said she could not answer questions about the New Zealand business.
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