Financial services firm could face class action

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A financial services group could be facing a class action over alleged misconduct within its research division.

Law firm Maurice Blackburn is inviting both institutional and retail shareholders to register claims in a class action that against IOOF that could amount to $100m, The Australian has reported. The law firm is calling on investors who purchased shares in the company between 1 December 2013 and 19 June 2015.

IOOF has been plagued by reports of misconduct by staff in its research division, The Australian said, with allegations of insider trading and cheating on training exams. The company admitted it was complacent in reporting the misconduct allegations following an independent review of its research division by PwC.