The Bank of Queensland (ASX:BOQ) has reached a settlement subject to court approval in the Petersen class action.
The class action was initiated by Petersen Superannuation Fund on its own behalf and on behalf of customers who received advice from Sherwin Financial planners – who are now in liquidation.
Also those who deposited funds into the bank of Queensland money market accounts administered by DDH Graham as a result of this advice.
The settlement was approved by the Court on 30 May 2018.
The Bank says the settlement will not have a material impact on BOQ’s statutory profit for the 2018 financial year.
The terms of the settlement remain confidential.
Shares in The Bank of Queensland (ASX:BOQ) down -2.4% to $10.15