A Federal Court judge has ordered ASIC and three banks, including Commonwealth Bank of Australia (CBA), to provide law firm Levitt Robinson with access to private documents relating to Storm Financial.
On Friday, Levitt Robinson principal Stewart Levitt said Federal Court justice John Reeves ordered the corporate watchdog, Commonwealth Bank of Australia, Macquarie Group and Bank of Queensland to provide the company access to “voluminous documentary evidence” in their possession to assist its class action against lenders.
The law firm is currently actively representing 500 former Storm clients and could potentially act on behalf of more than 1700 clients in a class action against the banks, Levitt said.
Justice Reeves also adopted a proposal put forward by Levitt Robinson that a mediation take place in the matters by no later than the end of February 2012, a statement from Levitt said.
The matters are also required to be listed for a full hearing to commence on 10 September 2012 for a period of three months, the Federal Court of Brisbane ordered.
Storm Financial collapsed in 2009.
