EQ Legal has been investigating possible recovery action against Bendigo and Adelaide Bank (BABL) on behalf of investors in the Great Southern managed investment schemes.
The proposed BABL group action will not be proceeding in its current form.
Unfortunately, it has not been possible to find a suitable lead applicant that meets all of the necessary criteria and is willing to take on that role. This is understandable, having regard to the risks associated with being a lead applicant, including adverse costs risk. We are grateful to the people who considered putting themselves forward.
It is possible that the case may still be able to proceed if we were able to secure litigation funding and we will continue to explore other options to fund the case. However, realistically, due to the current regulatory environment concerning class actions, any litigation finance arrangements are unlikely to be finalised before February-March next year, if at all..
We appreciate that this would be disappointing, however, it is not necessarily the end of the road and we will keep you informed of developments
All registrants will be informed of any change to the current status.