Bank of Queensland faces potential class action
The Bank of Queensland is facing a potential class action after customers allegedly lost hundreds of thousands of dollars due to the bank failing to prevent transactions being performed on the bank's Money Market Deposit Accounts by banned financial planner Brad Sherwin, his employees or his related entities. Mr Sherwin was the head of Sherwin Financial Planners, which went into administration in 2013, and he has since been charged with 33 fraud offences as well as accusations he illegally used almost $10m in clients bank accounts. The Bank of Queensland has said that ﻿it will defend itself against the allegations but has yet to receive any formal notification of a potential class action.  

Bank of Queensland is facing a class action lawsuit from customers who lost funds after the bank allegedly failed to prevent transactions, ordered by banned financial adviser Brad Sherwin, from taking place in their accounts.

Shine Lawyers said it was starting a class action against BoQ on behalf of customers who lost hundreds of thousands of dollars and were seeking compensation.

Bank of Queensland says it "will defend any proceeding that may be commenced". Credit: Glenn Hunt

These customers held BoQ Money Market Deposit Accounts and suffered losses after transactions were performed in those accounts under the instruction of Mr Sherwin and his related entities. The customers allege these transactions occurred contrary to the bank's obligation to them as their customers.

In a statement, Shine Lawyers said the class action may also be brought against the accounts' administrator, DDH Graham.