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Volt Bank – Investor & Account Holder Class Action Investigation

3 July 2022

Bannister Law Class Action is investigating the conduct of management, forecasts and representations made to investors in the company surrounding the company’s Series A – F equity funding rounds.

This comes as the company last week revealed that;

“Volt Bank Limited (Volt) is closing its deposit taking business and intends to return its banking licence.”

“Volt said the decision was made by the board after it failed to secure enough funds through a capital raising to support its plans to write mortgages. Volt told its 140 staff on Wednesday morning that they were out of a job.” AFR 29 June 2022.”

Although investors had high hopes for the company many may stand to lose significant sums of money. Volt Bank raised funding in a series equity funding rounds.

“Volt has taken steps to reduce all expenses and staff numbers, other than those required to support the orderly return of deposits and pursue a realisation of the value of our remaining assets.”

Selling remaining assets may yield a return to investors. But investors may also incur a loss and Bannister Law Class Actions is appealing to all investors in funding raises A-E to register their details and encourages investors to tell us what and when they were told by the company at the time of making their investments and subsequently so that we can gain a full picture of what has transpired.

Bannister Law is also investigating any Account Holders that may not have received interest payments
on deposits.”

Investors and Account holders, please register below