Melbourne-based legal firm Slater & Gordon is pursuing claims on behalf of 2000 Westpoint investors following the corporate collapse of the company, whose mezzanine finance schemes lost more than $300 million in investors’ funds.

Claims will be brought against 75 of the 100 financial planners involved with the mezzanine project who allegedly advised clients to enter into the high-risk investments.

Slater & Gordon says the financial planners were actively involved with getting clients to invest in the Westpoint mezzanines for a commission of 10-13%.

It claims many of the investors involved were misled by their financial planners, and some were told the investment was low-risk and or even risk-free. Actions will also be instigated against the directors of the mezzanine companies who have emerged as key players in the Westpoint fiasco.

Litigation funds company IMF has announced it will provide legal funding and support, including adverse cost indemnities, to investors who want to pursue claims.

While no responses were received by ASIC, the commission is working with the financial services industry’s dispute resolution organisation, FICS, to help Westpoint investors facing significant losses.