ouch!,-that huirst, page-3

LOL

You guys never give up do you !!!

The article poted below was in local newspaper, Bendigo Advertiser, yesterday 24th March

I draw you attention to the 5th paragraph.
No provision is necessary.
Has it occured to you that similar insurance may apply in other cases ?

..............................................................

Fincorp deal
24 Mar, 2011 04:00 AM
BENDIGO Trustees has conditionally agreed to settle a class action brought by investors in failed property developer Fincorp after more than four years of legal battles.
A proposed settlement deal could be worth up to $29 million including costs and interest.

The Federal Court yesterday approved the first steps towards settlement, setting a May 20 hearing date for approval. Sandhurst Trustees became involved in a legal fight with investors after providing a debenture trustee service to Fincorp Investments Limited, a subsidiary of Fincorp that went into receivership and liquidation in 2007.

A claim through Slater & Gordon alleged the Bendigo and Adelaide Bank subsidiary did not meet obligations to debenture clients, a claim denied by Sandhurst Trustees.

The bank?s banking and wealth executive Marnie Baker said the settlement, if approved, would have no impact on customers, with the payout to be covered by Sandhurst Trustees? insurers, and did not imply wrongdoing.

?A protracted legal proceeding is not in the best interests of anyone and this early resolution will further improve investors? return and provide them with closure on the matter,?? she said.

Since Fincorp went into liquidation in 2007, Ms Baker said, receivers had returned 55 cents in the dollar to the majority of investors.

?This was a very good outcome for investors, given Fincorp collapsed at the start of the global financial crisis, and this settlement will result in those investors receiving a further return.??

Slater & Gordon litigation lawyer Odette McDonald said the proposed settlement would benefit thousands of ?mum and dad and retiree investors? who lost their savings in the collapse.

?These people were led to believe through clever marketing and other endorsements that Fincorp was as safe as investing in a bank, when clearly it wasn?t.?