PIF Action Group Update The preliminary legal action via Carney...

PIF Action Group Update

The preliminary legal action via Carney Lawyers is progressing well, with Carneys being busy with enquiries from PIF investors who read the Australian article of April 18th.

I have received enquiries from AG members confused as to the date given in the above Australian media release as to whether some PIF investors will be excluded from this class action if successful in stage 1. The quote in question is:

"The class in the action represents people who bought into the MFS Premium Income Fund from January 2007 until the group collapsed..." "and who suffered loss or damage by reason of the conduct of the respondents".

The wording of this sentence can give one the impression that it is saying only those "who bought into the fund from January 2007 can be eligible for joining the class action." This was a mistake. The correct wording should have been "who were in the MFS Premium Income Fund from January 2007....". This of course means that all PIF members are eligible who were still PIF investors after Jan 2007. Investors who redeemed their units prior to Jan 2007 would have been paid full value and accordingly suffered no loss.

The respondents in "the Statement of Claim" are:

1. Andrea Jane Waters [partner at KPMG auditors]
2. Michael John Andrew [KPMG auditors]
3. Wellington Investment Management Limited [formerly MFSIM Ltd]
4. Octaviar Limited
5. Guy Hutchings
6. John Arthur Whateley
7. Jack Simon Diamond
8. Craig Robert White
9. Deborah Beale
10. Steven Kris Kyling
11 Stuart Robertson Price
12. Michael Gordon Hiscock
13. Michael Christaoulou King
14. Paul Joseph Manka
15. Ian Zelinski


As there are PIF investors who are not sure as to the origins of this claim, I need to make it clear that PIF AG members, instigated this action, did the lead up work for this action and are in the discovery group for the stage 1 preliminary action. Be assured that this puts us in an excellent position to keep you well informed.

This is a claim that is open to all PIF investors to join if stage 1 is completed and successful.

Any PIF investors who have enquiries about this action can contact Carneys - see their web-site page: http://www.carneys.com.au/contact.php

Carneys have a young solicitor and a para-legal taking enquiry calls/emails and making follow up calls. Carneys are "flat strap", so to take the load off them at present, it might be best to email them and wait for a follow up call or send a return email to me and I will pass it onto them with a list of names for Carneys to follow up.

If any PIF investors wish to make enquiries of the PIF Action Group or wish to join our group - don't hesitate to email me on: [email protected]

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