KEY POINTS:
A group is calling Bridgecorp investors to a meeting later this month in a step toward taking legal action against the failed company and financial advisers.
Exposing Unacceptable Financial Advice (EUFA), launched last month to protect "mum and dad" investors, has arranged for outspoken Kapiti Coast sharebroker Chris Lee and Christchurch lawyer Grant Cameron to address a meeting in Auckland on October 25 for the general public who lost money in Bridgecorp.
Auckland-based Clegg & Co last week became the 10th finance company to collapse in the past 18 months, and the seventh this year as the main local effect of a global credit crunch.
Specialist property financier Bridgecorp collapsed in July, owing about $500 million to 18,000 investors. Investors have been told they could receive anything between 25c and 74c for each dollar invested.
