ABC News
Lawyers say Sandhurst compo deal struck
Posted March 24, 2011 09:45:00
The Bendigo-based finance company Sandhurst Trustees appears to have settled a class action taken by investors in a failed property developer.
The developer Fincorp collapsed in 2007, owing more than $200 million to about 8,000 investors.
The Bendigo and Adelaide Bank subsidiary, Sandhurst, was appointed as trustee but was later accused of failing to protect the investors.
Law firm Slater & Gordon says a provisional deal has been struck with Sandhurst Trustees to pay compensation.
The firm says the total value of the settlement will be determined by how many investors take part in the class action, although it has been reported the deal could cost Sandhurst Trustees $29 million.
The matter is due to go before the Federal Court again in May for final approval.
ouch!,-that huirst
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