Australian (ASX) Stock Market Forum

Calling all Macquarie Equinox Asia & Asia 2 investors…

Hi its october...was wandering if anyone has started or wants to join in legal action.

They did many things wrong

1) sold a product with about 14% annual breakeven ( 7.75 + 4-5% fees + 2-4% hedge fund fees etc etc)

2) did not try and offset cash amounts with loans to reduce borrowers interest as an offset account

3) Harbinger hedge fund was in trouble at launch. Wander if they got kickbacks from them

4) They did not declare underlying hedge fund fees clearly

5) They should have allowed partial redemptions. Even mortgage funds that could not sell buildings like colonial
offered liquidity within 2 years
6) ASIC found 80% of their private bankers non compliant and are on an undertaking

Have spoken to two class action firms and they are interested if big enough group. Please advise how many interested
Yes I am more than interested in joining any legal action, these funds were sold initially to me as a shareholder of Macquarie and when it got difficult Macquarie backed away, there has been so many things that have affected these funds such as the inbred nature of Macquarie controlling every aspect of the fund from RE right down to trustee and banker, when they converted the funds to cash and placed them on term deposit I requested details of where they were placed and at what rate, they declined saying it was "in confidence" how do we know they weren't propping up their treasury at a super low rate?
I also tried to get confirmation from the auditor that they tested the illiquidity claims made by Macquarie which was the initial basis that secured them relief from ASIC in 2007/8, they have refused to co operate so there is a bigger story here, I to was overpaid by about a $1000 I told them to jump and haven't heard back.
 
Yes I am more than interested in joining any legal action, these funds were sold initially to me as a shareholder of Macquarie and when it got difficult Macquarie backed away, there has been so many things that have affected these funds such as the inbred nature of Macquarie controlling every aspect of the fund from RE right down to trustee and banker, when they converted the funds to cash and placed them on term deposit I requested details of where they were placed and at what rate, they declined saying it was "in confidence" how do we know they weren't propping up their treasury at a super low rate?
I also tried to get confirmation from the auditor that they tested the illiquidity claims made by Macquarie which was the initial basis that secured them relief from ASIC in 2007/8, they have refused to co operate so there is a bigger story here, I to was overpaid by about a $1000 I told them to jump and haven't heard back.

Has anyone progressed anything on this front? I'm currently getting some legal advice from the firm running the case discussed in the attached article in the SMH earlier this week. Another Macquarie fund, another example of a very high (but not clearly disclosed) break even point.

http://www.smh.com.au/business/west...ial-advice-debate-to-mind-20140330-35rsy.html

Please let me know if anyone is interested in potentially joining a legal action.
 
I was wondering if anyone has taken legal action or has had any further corrsepondence with Macquarie regarding the Equniox funds?
 
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