Our client’s (30 in total) relied upon their Accountant for financial advice. They had engaged their Accountant for many years and trusted him impeccably. The Accountant collectively recommended various investments, some of which he held a personal interest in. He proceeded to invest very large sums of money on behalf of these clients and subsequently lost all this money.
We had to pursue the Accountant through his professional indemnity insurance and eventually after commencing legal proceedings we were able to recover compensation on behalf of our client’s. This was an extremely difficult and protracted case which ran for many years through the courts. It involved a number of significant insurance law issues but ultimately we were able to recover as significant portion of the clients lost funds. Up until the clients engaged us, they had basically resigned themselves to the fact that they would never recover their money. Our decision to pursue this claim on a “no win- no fee” arrangement and our persistence over many years ultimately resulted in a successful outcome for our clients.