Legal action will be launched against key players in the failed fuel-technology company Firepower, and court action is expected to start by the end of the month.
Advisers who convinced ‘mum and dad’ investors to put $100 million into the company will be targets, News.com reports.
Litigation specialist Hugh McLernon, whose company IMF has been retained by 500 small investors in the case, said he would focus on the private companies of millionaire businessman Warren Anderson, lawyer Les Stein and former police minister Gordon Hill.
“We have given a brief to senior counsel in Sydney,” IMF manager Paul Rainford said.
More than a third of investors in businessman Tim Johnston’s failed business have signed up to be part of the class action.