Bank of Queensland to pay $17m to Storm Financial customers

Posted on September 23, 2014 by | 0 Comments
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Bank agrees to compensation payout as part of legal action by Asic and borrowers who were caught up in 2009 scandal.

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Costs associated with the Storm Financial legal case mean the Bank of Queensland (BoQ) will suffer a $22.1m hit. Photograph: Dan Peled/AAP

The Bank of Queensland will pay $17m in compensation to customers caught up in the Storm Financial scandal.

The bank agreed to the payout as part of a settlement of legal action brought by the corporate watchdog and borrowers who were advised by Storm before its collapse in 2009.

The gross payment by the bank to settle the legal action will be $19.7m, including $17m for customers caught up in the scandal.

Other costs associated with the case means the bank will suffer a $22.1m hit to its accounts.

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