Class action cases against select Australians agribusiness firms that collapsed following the global financial crisis will return to court this month.
Macpherson + Kelley Lawyers (M+K) principal Ron Willemsen told InvestorDaily class action proceedings involving Timbercorp and Great Southern will return to court this in the coming weeks.
The Timbercorp class action returns to court on 9 February for a directions hearing before the appeal court, Willemsen said.
As the hearing is of a procedural nature, he said it is not yet known when an actual appeal will happen, however M+K remain confident.
“We think that among the 14 grounds of appeal that are in our notice of appeal, we believe that there is certainly room for an appeal court to find in favour of investors,” he said.
In November last year, a court judge dismissed M+K’s Timbercorp class action claims for compensation for investors.
Lawyers behind a Timbercorp class action will fight a court decision that denies compensation payments to investors of the failed agribusiness group.
The class action proceedings involving Great Southern will return to court for a logistical hearing this week, with the case remaining on track for a trial commencing in August.
“There are 16 related class actions covering a variety of different schemes sold during the period of 2005 to 2008,” he said.
Willemsen said the large number of Great Southern class actions was due to the varying schemes and due to the three-year time period.
“We thought it logistically better to have them separate rather than bundled all into one case because that might have made it too logistically cumbersome to keep a handle on during the trial,” he said.
“Much of what’s at issue in each of the cases is dependent on the individual projects’ product disclosure statements that were issued that people signed up on . they are all progressing in tandem in one way, shape or form.”
As well as Timbercorp and Great Southern, M+K has actions against parties involved in Willmott Forests. The firm also has smaller, individual actions against Rewards Group and Forrest Enterprise Australia.
In total, M+K is undertaking agribusiness class actions and legal work on behalf of 6000 investors, he said.
