Financially devastated clients of failed investment firm Storm Financial are supporting a lawsuit by the company’s owners against the Commonwealth Bank.

Storm principals Emmanuel and Julie Cassimatis last week launched a $17 million claim against the bank for losses in their personal investment portfolio.

They have accused CBA of negligence and breach of its contract for failing to provide accurate account statements regarding the value of their portfolio.

Storm Investors Consumer Action Group (SICAG) co-chairman Noel O’Brien said if the couple were successful it would set a precedent for future legal action by affected clients.

“It will set a precedent for the rest of the members,” he told AAP.

“If the principals of Storm couldn’t understand the information they were being given on a daily basis what chance did the rest of the advisers and clients have?

“We wish them all the luck in the world.”

However, he said support for the legal action didn’t amount to support for the Cassimatises themselves.

The couple have faced intense criticism over their handling of clients’ accounts and spending in the wake of the global financial crisis last year, including paying themselves a $2 million dividend days before the company folded.

Storm Financial went into voluntary administration early this year after major banks called in margin loans by thousands of clients and withdrew their support for the company following massive sharemarket losses.

AAP