Storm Financial (Storm) co-founder Emmanuel Cassimatis has reached an agreement with a third party legal firm to review the individual claims of former Storm clients.
In a letter to ex-clients dated 2 March, Cassimatis said he has secured the services of barrister Ross Goodridge's lawyers, Firths, to review client claims.
The reviews, which are understood to be underway, will advise whether clients have a viable claim for damages or whether they are better off accepting the Commonwealth Bank of Australia's (CBA) resolution scheme offer, the letter said.
Cassimatis said the review of claims would initially be free of charge, though in appropriate cases a "no win, no pay" fee agreement will be offered.
"We are acutely aware that many cannot afford expensive litigation as we have been worn down financially and emotionally," the letter said.
"There is no point in being advised that your claim for damages is likely to compensate you far in excess of the currently proposed Commonwealth Bank compensation when you are in no position to pursue that claim.
"I am not suggesting that you make any rash decision. Simply, Mr Goodridge and his legal team are prepared to provide you with a second option as to your current options."
Commenting on Cassimatis's new offering to Storm clients, Slater & Gordon group practice leader, Brisbane, Damian Scattini said: "Haven't the Cassimatiss done enough for the Storm victims so far by putting them in this situation?"
"Cassimatis should be defendant number one, and hopefully he's advising people accordingly."
On 12 February, Justice Rare of the Federal Court, New South Wales District Registry, found in favour of Goodridge's case against Macquarie Bank's sale of its margin loan book to Leveraged Equities.
"Mr Goodridge's case took only approximately seven months from start to finish," the letter said.
"It is comforting to know that the only direct relevant case that has been decided has been a winning case for the customer and not the banks."
CBA released the compensation outcomes of its resolution scheme last month.
