Legal proceedings against a number of Australia's big banks linked to Storm Financial are in the pipeline.
Litigation firms are close to finalising new legal action against Commonwealth Bank of Australia (CBA), Macquarie Bank and Bank of Queensland (BOQ) as the fallout from the collapse of financial advisory firm Storm Financial continues.
Slater & Gordon, Russell and Company, and Levitt Robinson Solicitors are among a list of firms with existing and planned court action against banks linked to Storm.
Slater & Gordon have commenced a number of proceedings against BOQ.
"We have filed and served them, we have another directions hearing about discovery, and other documents in Queensland," Slater & Gordon group practice leader, Brisbane, Damian Scattini said.
"We went to court before Christmas about a fight we're having about discovery and the decision on that is still pending."
Russell and Company, legal representatives for Storm co-founders Emmanuel and Julie Cassimatis, is said to be progressing with its own case against CBA.
"It is proceeding. There is another three cases to go alongside it, with another bunch in the pipeline," Emmanuel Cassimatis said.
"It's not a class action - they are individual actions which are based on the same facts."
Levitt Robinson Solicitors expects to launch its proceedings against CBA in the coming weeks.
In the wake of the outcomes of the CBA resolution scheme, the firm, which has around 125 former Storm clients on its books, is close to finalising details that would propose the firm run its planned class action before the CBA resolution scheme panel.
Levitt said if the firm's class action to the panel does not satisfy his clients, a court-run action will be lodged.
Levitt said he intended to fund the proposed class action against CBA through litigation funders.
"I've spoken to litigation lending management and they are very well disposed to undertaking the role," he said.
On Wednesday, the CBA released the outcomes of its resolution scheme, which agreed to cash refunds and home loan cuts for clients of Storm.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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