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..

WHAT ARE THE NEXT STEPS?

  1. If you have made enrolment payments they will be refunded to you in full.  Please email your banking details, daytime telephone number and entity reference(s) to enquiries@bablgroupaction.com.  For security purposes, our team will then contact you by telephone to verify your banking details before any refunds are processed.
     
  2. Limitation periods will start to expire after 16 December 2020, depending on the time at which you made repayments to BABL.  If you wish to commence an individual action against BABL, you should seek legal advice as a matter of urgency.  If you wish to take individual action, you will be responsible for paying the legal fees and other costs of that action.

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.