An investors’ class action against collapsed engineering group RCR Tomlinson is gaining momentum but creditors have been left millions of dollars out of pocket.
A class action brought by investors of collapsed engineering group RCR Tomlinson is gathering steam, as the company’s secured and unsecured creditors have been left hundreds of millions of dollars out of pocket.
Priority creditors, including former employees, have been paid some $19 million, while five secured creditors – Commonwealth Bank, Japan’s MUFG, HCC International Insurance, Swiss Re International and Chubb Insurance – have received payments worth $115 million combined.The secured creditors have claimed about $218 million in total but are unlikely to recover the remaining $103 million.
The class action plaintiffs – Ashita Tomi, CJMcG and Jorge Mayer – are trustees for superannuation funds.