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.
We have identified a possible avenue of recovery for investors who repaid loans to BABL after 11 December 2014, based on demands for repayment made by BABL or by BABL's lawyers.
BABL has previously asserted that that the loan deeds were 'valid and enforceable' on 'group members' based on the Deed of Settlement in a previous class action, known as the 'Great Southern Class Action'. That Deed of Settlement contained an acknowledgement on behalf of the group members that their loan deeds were 'valid and enforceable'.
However, a recent decision found that a borrower could only be a 'group member' if they had a valid loan. Other recent decisions in New South Wales, Victoria and South Australia have found that loan documents were invalid, with the result that borrowers and guarantors were not required to repay loans BABL claimed were owing to it.
As a result, EQ Legal takes the view that BABL's demands for repayment based on a borrower being a 'group member' in the Great Southern class action were misleading or deceptive, with the result that borrowers may be able to recoup any payments made after 11 December 2014.
You may be eligible to participate in the potential recovery action if:
Registration via the web site is now closed. However, we understand that some borrowers may have only just become aware of our action via the recent publicity surrounding the BCCC findings. If you are interested in becoming a member, please contact our office on 02 8304 9304 or email email@example.com.
Payment will only be required after you have signed a Conditional Costs Agreement