All of our Financial Adviser and Accountant clients may take interest in the outcome of the claim by Cassimatis in Cassimatis v Commonwealth Bank of Australia.
The action was started in 2009 in the aftermath of the GFC which led to the collapse of Storm Financial, headquartered in Townsville.
Cassimatis sued the CBA for circa $17 million claiming the CBA breached the margin loan agreement and duty of care.
On 1 December 2016 the action came to a head with a win for the CBA.
The CBA successfully had the proceedings dismissed on the basis that Cassimatis failed to prosecute his own action, failed to comply with previous orders, and caused significant delay. The judge also thought that there was an element of vexation in the conduct of Cassimatis.