Law firm Slater & Gordon is continuing its investigation into a potential class action on behalf of some borrowers and mortgagors of Bank of Western Australia (Bankwest) and the Commonwealth Bank.
Currently undertaking due diligence with litigation funder IMF Australia, Slater & Gordon stated that it had concerns regarding the Commonwealth Bank’s acquisition of Bankwest in 2008 and "how that may have negatively affected some Bankwest borrowers and mortgagors".
"We are looking at whether some of those people with Bankwest loans were hard done by when Bankwest revalued their securities and called up their loans in the period after the Commonwealth Bank took control of Bankwest," said Slater & Gordon commercial and project litigation lawyer Van Moulis.
Moulis said 120 people had so far registered their concerns, with most cases pertaining to commercial developments involving developers and small to medium business owners.
"The next significant part of the claim will be assessing the outcomes of the forthcoming senate inquiry.
"Our group members are very hopeful that the power and reach of a senate inquiry will assist them in finding out what has gone on," Moulis said.
