Storm settlements being finalised

MORE than 900 of the 1120 claims lodged with a legal firm by victims of the 2008 Storm Financial collapse have been finalised.

Damian Scattini, of Slater and Gordon, says a year on from the start of the Storm CBA resolution scheme, more than 1500 individual investors have now received compensation from the bank.

"... while these settlements will never give everyone back exactly what they lost it allows them to move on and to start rebuilding their lives," Mr Scattini said.

He said that while many Slater & Gordon CBA clients had received compensation, there were still thousands, including clients from other banks, particularly the Bank of Queensland, who were struggling.

"We also look forward to ASIC taking action against the founders of Storm Financial who must take responsibility for this disaster," he said.

A total of 800 of the claims were from Queensland.

There are still around 90 active claims while about 100 others have withdrawn from the scheme, however about 20 new clients have registered over the past few months and are still in the process of considering their proposals from the bank.

Slater & Gordon says it expects all claims to be finalised by December.