how much did people lose be honest, page-5

Just under $34k from my SMSF.

Money I had to earn and pay tax on... money that could have taken my family on trips around the world, all kinds of great experiences.

I relied on numerous false statements and figures from the company going back to their capital raising.

I'd be interested in a class action, but I suspect if there is one it will be bigger and broader than anything we can organise via Hotcopper. Mind you, someone has to start these things.

I was under the impression that there are many things other than proven fraud that can warrant legal action. Professional negligence such as senior management or an auditor failing to pick up a major and material error in the accounts, for example.

In looking at who to launch proceedings against, unfortunately nowadays one of the factors is who is covered by sufficient insurance to make a suit worthwhile. Sueing directors for personal assets is usually a fruitless exercise unless they are insured. Assets tend to be protected one way or another. Auditors to a huge conglomerate like Hastie should have insurance, but there would also be lots of professional disclaimers written into their documents. Whether they are any real defence to litigation I don't know.

Octain, it would be good to know if your friend or anyone else has enough confidence to have a crack at Hastie on a no win, no pay, basis. If a lawyer is willing to put their own pay on the line then it means they are confident there is a strong case. I'm willing to pay over the odds for a victory if it means no further downside, but most people who have lost large sums have no appetite for further losses.