ASIC commences proceedings against Perth financial services business

The Australian Securities and Investments Commission (ASIC) has filed an application for leave in the Federal Court in Perth to commence proceedings against Brighton Hall Securities Pty Ltd (in Liquidation). This action, which will seek damages on behalf of a number of Westpoint investors who were clients of Brighton Hall Securities, is one of 19 civil actions ASIC is now taking to recover funds for the benefit of Westpoint investors.

ASIC will allege that Brighton Hall Securities was negligent in relation to its investigation of Westpoint products and its subsequent recommendations to its clients to invest in Westpoint products.

Brighton Hall Securities carried on a financial services business from Applecross and South Perth in Western Australia prior to entering into liquidation in September 2007.

ASIC's proposed claim against Brighton Hall will seek to recover compensation in the order of $14 million. However, given Brighton Hall's liquidation, it is anticipated that the funds available to satisfy this claim will be limited to any available insurance proceeds.

8 October, 2009

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