But the law firm advises there might be an individual case “arising from dealings with a bank”.
“This may have merit outside of the framework of a class action. In those circumstances we still encourage you to seek independent legal advice about your claim.”
Chamberlains declined to comment.
For example, a $4.2 billion class action on behalf of about 250,000 owners and residents of about 1400 apartments is being planned in Victoria as the first stage in a national campaign against construction companies to compensate for the costs of replacing combustible cladding.
Other actions are expected next year when the commission delivers its final report.
The actions can generate big fees for law firms, but the outcome for aggrieved investors is mixed. Recent awards for victims of the Storm Financial collapse barely covered costs of the litigants after deduction of legal fees and related costs.
When the action was announced in May, lawyers and activists connected involved with the Chamberlain action claimed they represented up to 300,000 litigants and were seeking around $80 billion in damages against lender, mortgage brokers and financial regulators.
Roger Brown, a former Lloyds of London insurance broker, said he had about 200,000 borrowers ready to join the action and $75 million backing from UK and European investors. Mr Brown was not available for comment.
Mr Brown, who said he had spent six years researching the action, said borrowers have been missold mortgage products during the property boom, particularly interest-only loans that allow borrowers to postpone repaying principal. He runs a website called Mortgage Deception.
The damages, if the claim had been successfully prosecuted, would have been 160 times more than the $500 million paid out by SPAusNet following the 2009 bushfires in which 180 people died and more than 3500 homes were destroyed.
It would have been more than eight times payments to investors in failed US telecom’s giant Enron.
from A Viral Update https://ift.tt/2EuPBcr
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