Storm Financial investors who saw their savings wiped out as the Townsville-based financial services group collapsed in 2008 are set to file a class suit against the Commonwealth Bank of Australia (CBA) in the Federal Court this Friday.

Storm owes millions of dollars to its investors who were mostly burned when they heeded the group's advice to take loans against their homes and invest in the share market, a strategy that backfired when the global economy was almost crippled by the onset of the worldwide financial crisis at that time.

Strom ran to the major banks for possible loans for its troubled clients and in February, the Commonwealth Bank said that it would deal with lawyers representing the former Storm clients and discuss questions of cash payouts and mortgage reductions for those hard hit by flawed lending practices and a failure to call in margin loans.

However, lawyer Stewart Levitt said that many of those who agreed with the deal offered by CBA came out dissatisfied and decided to pursue a class action against the bank, which Mr Levitt said should be only the first in a series of lawsuits that his firm, Levitt Robinson, is set to file against some major banks.

He said that the class actions would stand on the question of whether the collusion between the major players constitutes unlawful scheme.

Another lawyer from the same firm, Stephanie Carmichael, said that the present class action involved about 300 disaffected clients but it could potentially grow to a class action of 1200, as she stressed that the "clients have decided to pursue their legal interests."

As of this writing, comments were being sought from the Commonwealth Bank.