Bank class action knocked back KAREN SWEENEY 08 Dec, 2010 04:00 AM THE Supreme Court has again struck out a multi-million dollar class action on behalf of Bendigo Bank borrowers involved in the collapsed Great Southern investment scheme. Macpherson+Kelley lawyers have failed to appease the court with their statement of claims rejected for the second time in two months.
But they?re not giving up with a third hearing scheduled for February next year.
Yesterday?s decision by the court follows an announcement in October when the entire statement was struck out.
Bendigo Bank managing director Mike Hirst said he was concerned for borrowers in the wake of the decision.
He said the rejection meant they would be forced to fund a third attempt at an arguable case.
?Surely borrowers would have expected Macpherson+Kelley to put its best argument forward first so as to reduce the time and money spent on legal proceedings,? he said.
?After being knocked back in October you would have thought Macpherson+Kelley would have provided a better argument today but now Macpherson+Kelley will be spending more of their clients? money having a third bite of the cherry.?
Mr Hirst urged borrowers involved in the class action to re-consider their involvement.
?The time has come for borrowers to consider whether they should continue to expose themselves to compound and default interest by not bringing their loans up to date,? Mr Hirst said.
Macpherson+Kelly will make a third attempt at filing a statement of claims in the Supreme Court in February next year.
Investors involved in the class action collectively owe Bendigo Bank more than $450 million. ...........................................................
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