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Fury as Commonwealth Bank sues Storm Financial victim

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Fury as Commonwealth Bank sues Storm Financial victiFury as Commonwealth Bank sues Storm Financial victim

Storm Financial victim Sean Mcardle

Victim Sean Mcardle at the inquiry into Storm Financial. Picture: Derek Moore Source: The Courier-Mail

THE Commonwealth Bank has sued Storm Financial victims at the heart of a highly anticipated court battle set to kick off next week.

In a move denounced as "deliberately intimidating", the bank filed a cross claim in Federal Court in Brisbane against Sean and Paula McArdle seeking to recover $1.21 million allegedly owing from their mortgage and margin loans.

The McArdles are one of two couples serving as lead plaintiffs in a class action against the bank, which provided high-risk margin loans to 3000 Storm victims who lost $3 billion when sharemarkets dived in late 2008.

Mr McArdle, a Sunshine Coast police officer, lambasted the bank yesterday and vowed that the legal action launched against him in mid-July had only strengthened his determination to seek justice.

"It's bully boy tactics by an organisation willing to spend its shareholders' money to send a clear message of intimidation to all Australians that may be anticipating raising problems or issues with the bank," Mr McArdle said.

"I asked our solicitors to send them a message: You have just driven a steel rod down the spine of my resolve."

The bank granted a moratorium on repayments for many Storm victims, including the McArdles, following the collapse of the Townsville-based financial planning firm in early 2009.

But the bank now alleges the McArdles failed to pay $75,864 owing from their margin loan on May 31 and did not make a $8573 repayment on their home loan due on June 22.

The couple secured a $1 million home loan in early 2007. They also used more than $2 million of a $3 million line of credit from the bank's subsidiary, Colonial First State, as margin loans to invest with Storm.

Brett Imlay, a senior associate with the McArdle's law firm, Levitt Robinson, said yesterday the bank had agreed not to seize the couple's home or actively pursue the cross claim until after the class action case had been heard. Mr Imlay accused the bank of "sabre rattling" and said the cross claim was "definitely designed to add pressure on the lead applicants in the lead up to the trial".

Levitt Robinson's class actions against the Commonwealth Bank and Macquarie Bank on behalf of about 650 Storm victims will run in tandem with an action brought by the Australian Securities and Investments Commission.

ASIC alleges the Commonwealth Bank, Macquarie Bank and Bank of Queensland committed numerous breaches, including unconscionable conduct and operation of an unregistered managed investment scheme. The banks deny the allegations.

Storm victims from across the country are expected to converge on Brisbane's Federal Court for the start of the three-month case on Monday. They could recover more than $1 billion if the court decides in their favour. ASIC is expected to call more than 80 witnesses during the course of the trial.





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  • doyla66
    doyla66 Tuesday, 04 September 2012

    CBA are the lowest of the low.
    Corporate thuggery.
    No excuse.
    Call for a BOYCOTT on CBA!

    Can BFCSA assist him?

  • doyla66
    doyla66 Tuesday, 04 September 2012

    Note: bank moratorium re "freeze on interest/repayments" require (inter alia) "irrevocable" clause whilst fraud investigations pending and/or on foot!

  • doyla66
    doyla66 Tuesday, 04 September 2012

    Thanks Andy. I'm going to have to remind the CBA that should also apply to my bank overdraft debt (bank fees)/credit card cases. I thought they had done that but they quietly hid my online access to accounts one at a time so I couldn't see what they were doing. I raised two formal complaints with them as I needed access for tax/accounting; I've cancelled the cards long ago and I'm no threat to them. No luck. Just more senseless bloody mindedness and vindictive stupidity from the Money Gods who love phone harassment and threats as a credit enforcement device. Looking forward to seeing Narev go to jail.

  • doyla66
    doyla66 Tuesday, 04 September 2012

    Think of the stress he'd be under!
    Poor buggers!
    Unless people have been through it they don't know what it's like and what it does to a human being.
    My situation has been similar, minus court appearances so far due to stress/health issues.
    Hammered from both sides last year: fraud investment company refusing to help or listen and multiple creditors and abusive banks demanding results.
    CBA - Gadens? Someone hasn't got a PR brain in their head there - strong public condemnation and outrage is needed to drive the BANKS back into their holes.
    I hate CBA.

    #Boycott CBA

  • doyla66
    doyla66 Tuesday, 04 September 2012

    Sean & Paula McArdle - you are in the right - we are all with you. The people of Australia support you all the way. BOYCOTT THE CBA.

  • doyla66
    doyla66 Tuesday, 04 September 2012

    I had/have a mortgage from Macquarie bank refinanced to Homeloans then to Commonwealth Bank. First two loans where low docs loans and all documentation was manipulated to fit the banks criteria.
    CBA loan went from a low doc application to a Bridging MAV loan based on income of $400k. I earn $46.000K.

    Anybody out there with similar very complex loan structure.

  • doyla66
    doyla66 Tuesday, 04 September 2012

    ASIC on the coat tails once again . . or did they just get a push on from being a Willbee?

    Once again, we see a law firm get a case up & who comes along for the ride? ASIC of course!
    They would never have the backbone to get something up & running on their own but they just love the piggy back ride. Does that give anyone comfort - ah, no! :(
    And as to CBA employing the counter strike!? Now which tool thought that would be a good strategy at a time like this? There is a senate inquiry into banking right now that is yet to report back, the Unhappy Banking crew just held a very public & vocal protest at the Sando where some iconic Aussie bands made great work of telling the CBA where to go & most of the Aussie press is running articles highlighting the banksters crimes. To the CBA tool who came up with that strategy - thank you for helping everyone's cause - come in spinner . . ;)

  • doyla66
    doyla66 Tuesday, 04 September 2012

    Classic Bank SFB! :D

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