Praemium (ASX:PPS) said its units, Praemium Australia, Powerwrap, and One Vue Wealth Services, received notices of cross-claim from Diversa Trustees, filed in current proceedings brought by the Australian Securities and Investments Commission (ASIC) against Diversa relating to First Guardian investments, according to a Monday Australian bourse filing.

The company said the claims seek compensation relating to the onboarding and monitoring of First Guardian investment products, and that, if Diversa is ordered to pay compensation in the proceedings, the claims were not previously foreshadowed and require a dispute resolution process before proceedings can begin.

Praemium will take no steps until that process is completed, expected over the next four weeks, with Praemium to review the claims, take advice, and update the market in due course, the filing added.

Praemium noted that ASIC has not joined or made any claims against its subsidiaries; any claims were made only by Diversa, it added.