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Legal birds swirling finance companies

A group is calling Bridgecorp investors to a meeting later this month in a step toward taking legal action against the failed company and financial advisers.

Friday, October 12th 2007, 6:34AM
Exposing Unacceptable Financial Advice (EUFA), launched last month to protect "mum and dad" investors, has arranged for outspoken Kapiti Coast adviser Chris Lee and Christchurch lawyer Grant Cameron to address a meeting in Auckland on October 25 for the general public who lost money in Bridgecorp.

"This step is the next move to bring action against financial advisers and Bridgecorp," EUFA co-ordinator Suzanne Edmonds said.

"EUFA want investors to come forward or send an advocate to the meeting to begin a process of accountability, hopefully ending in a positive judgement," she said.

Menwhile Lee has named some other lawyers who want to hear from investors in failed finance companies.

He says Wellington barrister James MacFarlane is compiling a detailed database of investors who believe they have lost money from the failure of finance companies as a consequence of the negligent or dishonest advice they received from their financial adviser.

Details being compiled include the name of the adviser, details of advice provided, amounts invested, the finance company and the portfolio allocation. This relates to all finance companies which have failed in the last 18 months.

Another solicitor, Grant Cameron, of Christchurch is also reportedly to keen to hear from investors.

In addition to this Good Returns reported that Auckland-based Andrew Hooker of Turner Hopkins was looking for people who lost money in Bridgecorp.

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AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
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BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
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China Construction Bank Special - 2.65 2.65 2.80
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Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
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ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
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SBS Bank Special - 2.29 2.29 2.65
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The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
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Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

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