Class action against Dixon Advisory seeks potential $7.2m in redress


news, business, Superannuation, Dixon Advisory, class actions

The main opponent of the Dixon Advisory Group has imposed a $ 7.2 million ASIC sanction on the company to instead pay compensation for concerns that Dixon cannot control. Dixon Advisory Superannuation Services (DASS) in July agreed to pay the fine as part of a Federal Court case over its failure to do its best for its customers by advising them to set up its own US treasury. The company, which owns E&P Financial Group and is a subsidiary of Canberra, has entered into an agreement with ASIC following a court-ordered mediator. The E&P said it had fined the Commonwealth $ 7.2 million and $ 1 million to ASIC for its investigation and legal costs. The decision was based on a court order. On November 1, law firm Piper Alderman filed a lawsuit on behalf of SMSF Kosen-death Pty Ltd, a major plaintiff, against DASS, E&P and former chief executive, Alan Dixon. On Thursday, Mr. Kosen-death heard a plea for an injunction to benefit the class. However, the ruling was suspended after the ASIC asked for more time to consider its status. READ MORE: Piper Alderman’s colleague Martin del Gallego said appropriate legislation was enacted to ensure that “redress for victims is provided in lieu of penalties” if there is a risk that the respondent will not do both. “We will continue to work [with the parties] in order to expedite the request and set aside the money to be distributed to later class members, “said del Gallego. on October 2015 and May 2019, in advising clients of the troubled US Masters Residential Property Fund.All violations were $ 1 million before March 2019 and $ 10.5 million later that date.The E&P was attached for comment.In its comments to ASX on On November 4, the E&P stated that it wanted to protect the organization ‘s activities.Our journalists work hard.

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November 26, 2021 – 5:30 AM

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