Dixon Advisory Class Action

Overview

Balance Legal Capital II UK Ltd is funding a Class Action which has been filed 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’).

The Class Action is being conducted by Piper Alderman, a commercial law firm, 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 Claim

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 (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 Scheme

The Class Action is being funded and 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.

Who can participate in the Dixon Advisory Class Action?

You may be a Class Member and able to claim money from the Defendants, IF, during the period from 18 July 2012 to 1 November 2021, you or your Self-Managed Superannuation Fund (SMSF):

  • 1. Were a client of DASS
    (ACN 103 071 665);
    and

  • 2. Invested in, acquired, renewed or continued to hold any URF Products after receiving personal advice from a DASS Authorised Representative.

  • URF Products include:

    a. units in URF; and/or
    b. a series of unsecured notes being:
    i. ‘URF Notes 1’; and/or
    ii. ‘URF Notes II’; and/or
    iii. ‘URF Notes III’; and/or
    c. convertible step-up preference units.

  • Personal Advice

    It is likely you received “personal advice” if you received a personalised recommendation to invest in the URF Products or a “statement of advice” from a DASS Authorised Representative.

  • DASS Authorised Representative

    A DASS Authorised Representative means a financial adviser that is either
    (i) employed by DASS; or
    (ii) authorised by DASS to provide financial services on its behalf.

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.

I think I am a Class Member. What's next?

If you think you might be a Class Member, click on the ‘REGISTER YOUR INTEREST’ button below to register your expression of interest and to receive further information about the Class Action, including:
1. How to participate;
2. A Product Disclosure Statement in respect of the Scheme (which gives more information on the Class Action, the Scheme and on your rights and entitlements if you choose to participate); and
3. Updates about the progress of the Class Action.

By registering your expression of interest, you are indicating your interest in receiving further information about the Class Action. Registering your expression of interest is not a commitment by any party to participate in funded litigation, nor is it an application to become a Class Member or member of the Scheme.

Balance’s Conflicts Policy – Dixon Advisory Litigation Funding Scheme

Balance’s Complaints Handling and Resolution Policy (Australia)

Dixon Advisory Litigation Funding Scheme, ARSN 654 170 411. Responsible Entity for the Scheme is CASL Governance Ltd, ABN 97 643 977 833, AFSL No. 525889.
Balance Legal Capital II UK Ltd as an Authorised Representative (Authorised Representative No. 001293041) of Balance Legal Capital LLP (AFSL No. 527315) is the Funder for the Scheme.