- Friday, 02 September 2011 | Staff Reporter
A statement from Macpherson+Kelley (M+K), the law firm representing investors in the class action against the failed agribusiness firm, said Justice James Judd's decision comes as a "major disappointment".
"This is an important area of the law that affects thousands of investors. We will be closely scrutinising the judgment to determine whether there are any available grounds for appeal," M+K principal Ron Willemsen said.
"We understand that many of the investors will be suffering continued hardship as a result of this decision, especially those facing ongoing loan obligations without any prospect of a return from their investments.
Justice Judd handed down his decision to deny damages to investors in the failed Timbercorp schemes and declined to grant investors relief from having to pay any further instalments on loans in the Victorian Supreme Court yesterday.
Meanwhile, M+K is well advanced in a series of 12 class actions for investors in all Great Southern managed investment schemes offered during 2005 to 2008.
The trial expected to begin in August 2012, the company said.
The law firm also has pending investor class actions in connection a number of other failed agribusiness firms including Willmott Forests, Rewards Projects, Forrest Enterprises Australia Plantations and Australian Bight Abalone.
Latest from InvestorWeekly
- Post-trade security JV launched
- Nikko AM restructures multi-asset teams
- First State Super adds MSCI platform
- Henderson launches fixed interest fund
- Asset managers facing operational pressures
- Perpetual expands trustee services in Singapore
- Christian super funds merge
- Funds management mergers tipped to continue
- AMG acquires River Road Asset Management
- Aus Unity fund acquires option for green office building
- Creating super fund alpha
- Retirement income innovation must be inclusive
- Weighing up default fund insurance
- Don’t neglect developed markets
- Hunting for ‘preferred infrastructure’
- Westfield: a failure of engagement
- Can Europe avoid Japan’s fate?
- Cleaning up with clean technology
- Obsession with fees hurting retirees
- Do we need independent directors?
- Cuscal appoints CFO
- Bravura expands strategy director’s role
- Sunsuper expands investment team
- BNP Paribas appoints head of Hong Kong
- AUSCOAL Super appoints CFO
- Towers Watson names global manager research head
- ICG appoints managing director
- Former Treasury adviser to join ASFA
- State Street appoints head of alternatives
- Mercer strengthens infrastructure team