IOOF and its insurers could be on the hook to cover as much as $80 million in losses suffered by 4500 investors in a collapsed agribusiness scheme, after the embattled wealth manager failed to pin the damage on its former law firm Sparke Helmore over breaches of trustee duties.
The NSW Supreme Court has thrown out a bid by IOOF’s Australian Executor Trustees business to hold its former lawyers liable for damages sought by former “covenant holders” invested in the SEAS Sapfor forestry scheme. AET was the scheme's trustee.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
