Claims against Bendigo and Adelaide Bank fall through
Two Great Southern class action claims against Bendigo and Adelaide Bank fell through last week.
Law firm DC Legal discontinued its class action against the bank on Friday, two weeks after it launched its claim in the Federal Court of Sydney. This followed the striking out of a separate class action by Macpherson + Kelley two days before, although the law firm claimed it had gathered extra information and was set to launch another claim.
Bendigo and Adelaide Bank managing director Mike Hirst said the bank had been vindicated twice in one week. However, he stated that he was concerned following news of Macpherson + Kelley’s possible new claim, which borrowers would be asked to fund.
“The time has come for borrowers to consider whether they should continue to expose themselves to compound and penalty interest by not bringing their loans up to date,” he said.
Macpherson + Kelley had until November 23 to lodge its second class action, but in the meantime has been ordered to pay Bendigo and Adelaide Bank’s legal costs relating to the first failed statement of claim, the bank stated, adding that DC Legal had been ordered to pay the bank’s costs relating to its withdrawn claim on a full indemnity basis.
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
