Piper Alderman has filed a Class Action in the Federal Court of Australia against: (1) Dixon Advisory and Superannuation Services Ltd (DASS); (2) E & P Financial Group Limited (E & P); and (3) Mr Alan Dixon (Mr Dixon) (collectively, the Defendants) on behalf of retail clients of DASS who acquired, renewed or continued to hold units, convertible step-up preference units and notes (URF Products) in the US Masters Residential Property Fund (URF).
The Class Action alleges that the Defendants are liable, in connection with recommendations and advice given in relation to the purchase of URF Products, for:
- contraventions by DASS of section 961L of the Corporations Act 2001 (Cth) (Corporations Act) in failing to take reasonable steps to ensure that DASS Authorised Representatives complied with section 961B of the Corporations Act;
- breaches by DASS and the DASS Authorised Representatives of their fiduciary duties; and
- DASS engaging in conduct that was misleading or deceptive or likely to mislead or deceive.
The Class Action alleges that as a result of these contraventions, Class Members (as more fully defined below) suffered loss or damage.
The Class Action is being conducted as a litigation funding scheme, compliant with regulations introduced by the Australian Government in 2020. The name of the scheme is ‘Dixon Advisory Litigation Funding Scheme’ (ARSN 654 170 411) (Scheme).
As the Scheme’s Responsible Entity, CASL Governance Ltd (CASL) is responsible for issuing the Scheme’s Product Disclosure Statement, as well as any interest in the Scheme.
The Class Action is being funded by international litigation funder Balance Legal Capital II UK Ltd (Balance) who will pay the upfront costs of the Class Action. There are no out of pocket costs for you to participate.
Who can participate?
You may be a Class Member if during the period 18 July 2012 to 1 November 2021 you or your Self-Managed Superannuation Fund (SMSF):
- were a client of DASS; and
- invested in, acquired, renewed or continued to hold any URF products after receiving personal advice from a DASS Authorised Representative.
NOTE: you will not be a Class Member if you are or have ever been a DASS Authorised Representative; or if you are a Justice, Registrar, District Registrar or Deputy District Registrar of the High Court of Australia or the Federal Court of Australia.
Register Your Interest
If you think you might be a Class Member please click here to access Balance’s website where you will be able to register your expression of interest to receive further information about the Class Action, including how you can apply to participate in the Class Action if you choose to do so.
Enquiries regarding the litigation itself can be made via email to email@example.com or phone on (02) 7227 5001.