Leading class actions law firm Slater and Gordon has launched a class action in relation to the allegedly misleading marketing of collapsed investment fund, IPO Wealth Fund (Fund), after it was pitched to consumers as a “term deposit alternative”.
The proceeding is brought against the Trustee of the Fund, Vasco Investment Managers Limited, and DH Flinders Pty Ltd, the Australian financial services licensee who was responsible for the conduct of its authorized representative, IPO Wealth Pty Ltd (the company that issued the Fund’s promotional material to members of the public).
Between April 2017 and March 2020, the Trustee advanced some $86 million in funds raised from investors.
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