factually complex! they ain't seen nuthin yet.

THE nation's longest and most expensive legal action targeting 20 bank lenders to disgraced entrepreneur Alan Bond has finally been settled, two decades after it began.

A one-page statement released by the Perth-based liquidator of Bell Group, Tony Woodings, signalled the end of a saga that created an unrivalled, $500 million flow of fees to the legal profession.

The settlement, foreshadowed in The Australian last week, comes 30 years after Mr Bond famously wrested the America's Cup from the US in what was the businessman's finest public hour, before he was sent to jail for three years in 1997 on fraud charges.

Mr Woodings said the case had continued for so long because it was "factually complex" and had created a lot of judicial precedent.

..........

The banks appealed but went down in a 1027-page judgment delivered by the WA Court of Appeal. They won leave to appeal to the High Court, which was scheduled to hear the appeal this month when it was adjourned and withdrawn from the list pending the outcome of settlement discussions.

Both sides declined to discuss the settlement figure, pending various approvals that could take up to six months.

However, in August 2012, the WA Court of Appeal confirmed the main findings of the original decision, and increased the interest rate on the $1.66bn award. This potentially raised the stakes to $2.8bn.

The banks handed over $718m to the liquidator in December 2012.

It is understood that the settlement involves a further, undisclosed payment to the liquidator.

As major creditors to the Bell companies, the banks also stood to recover part of the funds ultimately paid to the liquidator. But the banks agreed to surrender those claims in the settlement.

- See more at: http://www.theaustralian.com.au/business/financial-services/banks-in-bell-group-settlement/story-fn91wd6x-1226721294746#sthash.5vlBcKrN.dpuf