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Court loss sees banks facing $3bn bill

Posted by on in COURTS & LEGALS
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A GROUP of 20 banks, including Commonwealth Bank, National Australia Bank and Westpac, has been ordered to pay up to $3 billion after failing to overturn a landmark court ruling that they seized assets from Alan Bond's collapsing Bell Group in 1990.

The West Australian Court of Appeal yesterday upheld a 2008 ruling that the banking syndicate must repay Bell Group creditors, in the latest chapter of Australia's most expensive and longest-running litigation.

The appeal backfired on the financiers when two of the three Court of Appeal judges found the trial judge, Neville Owen, had under-calculated the amount the banks should hand over, finding he had used a "deflated multiplier" in assessing compound interest.

Acting judges Malcolm Lee, Christopher Carr and Douglas Drummond, who all came out of retirement to hear the appeal, handed down their ruling after a 44-day appeal heard last year.

The case is one of the last involving dodgy deals from the "WA Inc" era to be dealt with by the courts.


Read on ......


Comment: Could this have something to do with the recent submission by by Bransgroves Mortgage Litigation Specialists on behalf of their Banker clients, trying to limit borrowers' consumer rights to legitimate compensation from banks and proven bank misconduct?

Banks are greedy - watch out for their desperate efforts to grab what they can as their stock value drops with many more real consumer claims against them!

Don't trust the Banks.

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  • doyla66
    doyla66 Saturday, 18 August 2012

    A Drop In The Bucket

    I had to use the calculator to divide $3,000,000,000.00 by 20! It means each of the 20 will have to come up with $150,000,000.00 if it is averaged out. A mere "drop in the bucket," when you consider it all comes out of the magician's hat along with the rabbit

  • doyla66
    doyla66 Saturday, 18 August 2012

    Wonderful! lol - still laughing ...
    That would be the ethical BFO and Rothschild sponsored magician's hat with the green organic mortgage encumbered rabbit?

    Don't mind me .. it has been a long day with dodgy internet. I'll be doing my Twitter feeds in the middle of the night for the US audiences only at this rate!

  • doyla66
    doyla66 Saturday, 18 August 2012

    The reality is that if they share that cost amongst them, you're right, it's a drop in the ocean. Being the kind of businesses that we know BANKS are, someone will have to pay for that to keep JPM, NNL and co happy with their share dividends. The sooner we squeeze the foreign parasites and their toxic behaviours out of our respective markets and businesses the happier and freer both our countries and the workers will be. I wish someone would tell them to stop flogging the bank staff and to leave their bailout dividends behind on the way out, back to whatever rock they crawled out from under in the first place.
    Goodbye HSBC (money laundering), NNL (who are you really?), JPM (whose boss thinks bank regulation is communism) and Citigroup (substandard banking & LIBOR rate fixing). We don't need you - we never did. Go home.

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