The LM Investor Victim Centre was set up online two months ago by volunteers and has since attracted the support of more than 320 LM investors.
A statement released by the group said it is calling for a “fair and just resolution for LM investors”, adding that it wants to highlight the apparent failure of Australian national audit, financial and investment management regulatory systems.
LMIM, which invested in real estate and assets associated with real estate in Australia, entered voluntary administration in March last year, with investors since being told they are likely to lose almost all of their investments.
This is the second group formed since the collapse of LMIM last year. In June, a group of advisers with clients invested in the products established the Adviser Committee for Investors (ACI), with the intention of fighting to recoup as much for investors as possible.
Before Christmas, the ACI reasserted its call for advisers who have sold the product to join the group and to contribute to a “war chest” being built to fight on investors’ behalf.
Click here to visit the LM Investor Victim Centre website.
