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Slater and Gordon has confirmed it is continuing its investigations into a potential class action on behalf of aggrieved borrowers and mortgagors of Bank of Western Australia (“Bankwest”) and Commonwealth Bank of Australia (“CBA”).
Commercial and Project Litigation lawyer Van Moulis said the law firm was conducting its due diligence with litigation funder, IMF Australia.
He said the firm’s and IMF’s legal investigations were looking at the conditions surrounding the CBA’s purchase of Bankwest in 2008 and how that may have negatively affected some Bankwest borrowers and mortgagors.
“We are looking at whether some of those people with Bankwest loans were hard done by when Bankwest re-valued their securities and called up their loans in the period after CBA took control of Bankwest.
“So far we have had about 120 people register with us and their losses are quite significant.”
“The types of cases we are looking at are primarily commercial developments and involve property developers and small to medium-sized business owners.”
“The next significant part of the claim will be assessing the outcomes of the forthcoming senate inquiry. Our group members are very hopeful that the power and reach of a senate inquiry will assist them in finding out what has gone on.”
People can register their interest by phoning (02) 8071 2721 or (02) 8267 0661 or emailing firstname.lastname@example.org