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.
A letter, form and agreement has been sent to debenture holders. It is also available for download here.
Should you wish to notify of any change of address details, please do not hesitate to contact Link Market Services on 1800 722 079 or banksia(Replace this parenthesis with the @ sign)linkmarketservices.com.au for BSL debenture holders and (02) 8280 7920 or cherry(Replace this parenthesis with the @ sign)linkmarketservices.com.au">cherry(Replace this parenthesis with the @ sign)linkmarketservices.com.au for CFL debenture holders.