The statement was lodged by Stewart Levitt, a principal of the Sydney firm Levitt Robinson. It lists the Commonwealth bank of Australia and Colonial First State Investments as the two respondents.

In a press statement issued today, Levitt Robinson said that this will be the first in a series of class actions against the major banks and focuses on whether the relationship between the major players can be characterised as an unlawful scheme.

The Townsville based Storm Financial collapsed in 2008, leaving around 14,000 clients who had invested a combined total of nearly $3 billion in its wake.

In February, Slater & Gordon and the Commonwealth Bank finalised an agreement that brought compensation to the victims of the Storm Financial collapse.

Levitt criticised this agreement as "leaving a shelter for the Bank, with too many investors left heavily exposed". He said his firm had stepped in to fill the breach, with the filing of the Class Action designed to bring both "closure and exposure".