According to a new article in the South China Morning Post:
“Australian-based investors have already won lawsuits because financial advisory firms gave inadequate advice and did limited due diligence, said Fraser Whitehead, head of group litigation at law firm Slater & Gordon.
The challenge was harder for Asia-based expatriates as many financial advisers have no professional indemnity insurance. That made insurers and trust companies a natural target for litigation, Whitehead said.
Several LM investor groups told the South China Morning Post that they were now consulting lawyers and filing suits. In Hong Kong, investors are also lodging complaints with regulatory authorities and the police.
Investors argue that insurers and trust companies have duty of care and fiduciary responsibilities.”
The entire article can be read HERE.