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Mortgage Business La Trobe Financial to defend ASIC claims By Annie Kane 22 December 2020
The non-bank lender has rejected the assertions made by ASIC that some of its historical advertising for certain products of its credit fund may have been misleading, outlining that it will defend the case laid against it.
Last Friday (18 December), the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings in the Federal Court against La Trobe Financial Asset Management Ltd (La Trobe), the responsible entity of the La Trobe Australian Credit Fund.
The fund invests in loans secured by first mortgages over residential and commercial real estate, as well as cash, deposits and other assets.
ASIC takes La Trobe Financial to court Reporter 21 December 2020
La Trobe Financial says it rejects assertions made by the corporate watchdog following the news it has commenced civil penalty proceedings in the Federal Court against the wealth manager, alleging that it had engaged in misleading or deceptive marketing around one of its funds.
The regulator has taken the firm to court for its capacity as the responsible entity of the La Trobe Australian Credit Fund, an unlisted registered managed investment scheme with over $5.15 billion in assets under management and more than 45,000 investors. The minimum investment is currently $10.
The fund invests in loans secured by first mortgages over residential and commercial real estate, as well as cash, deposits and other assets.
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