The Commonwealth Bank has now settled more than 900 of the outstanding 1120 claims lodged with plaintiff law firm Slater & Gordon over the collapse of dealer group Storm Financial.

Slater & Gordon lawyer Damian Scattini says more than 1500 individuals have now received compensation from the bank.

Townsville-based Storm collapsed in early 2009 as banks called in their margin loans on investments managed by the dealer group.

Mr Scattini says 800 of the settled claims had come from Queensland, with 190 from Townsville and 245 from Brisbane. The settlements covered home loans (400), a combination of home and margin loans (240) and margin loans (260).

“While these settlements will never give everyone back exactly what they lost, it allows them to move on and start rebuilding their lives,” he said.

Of the original claims, Mr Scattini says 100 investors have now accepted they don’t have a claim against the bank. However, 20 more people have registered in the past few months and are considering proposals from the bank.

There are still 90 people working through the claims process, which is expected to be completed by December.

“While many clients have received compensation, there were still thousands – including clients of other banks, particularly the Bank of Queensland – that are struggling,” he said.

“We also look forward to the Australian Securities and Investments Commission taking action against the founders of Storm Financial who must take some responsibility for this disaster.”