Thank you for visiting the Banksia Class Action information site. This site is intended to be an information point for debenture holders and other interested parties throughout the course of the case.

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More information on the class action is available from the receivers, McGrathNicol at http://www.mcgrathnicol.com


The Plaintiff has entered into a partial settlement of the Banksia Group Proceeding (proposed settlement) with all defendants other than the trustee appointed to act on behalf of group members (The Trust Company (Nominees) Limited, referred to as the “trustee”) and Banksia.

Trial: the trial of the Plaintiff’s claim against the trustee and Banksia will commence on 14 March 2017.   The Plaintiff seeks to recover a sum in excess of $100 million (plus interest on that sum from 24 December 2012) from the trustee on his own behalf and on behalf of Group Members who have not opted out.

Partial settlement: The Plaintiff’s settlement with the auditor and the directors is a partial settlement only.  The Plaintiff’s claim against those defendants was also to recover a sum in excess of $100 million (plus interest), being the same loss that is sought from the trustee (i.e. the outstanding principal in respect of the Banksia debentures).  The partial settlement will only take effect if it is approved by the Court.