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AAP
AAP
National
Miklos Bolza

'Without merit': IOOF class action dismissed

Stewart Anderson Shine
Statements by Chris Kelaher did not contribute to a drop in IOOF's share prices, a judge has found. (Dean Lewins/AAP PHOTOS)

A class action against IOOF has been knocked down after a judge dismissed claims shareholders overpaid for the firm's shares when it failed to publicly reveal misconduct.

While IOOF was aware of internal problems such as potentially improper share trading, plagiarism and compliance breaches, there was no evidence of anything systemically wrong at the wealth management company, the Federal Court found.

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