find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Law firm leads Great Southern action

Law firm leads Great Southern action

Macpherson and Kelley lawyers is leading a class action against the failed Great Southern Managed Investment Schemes, which returns to court next week.

Macpherson and Kelley lawyers is leading a class action against the failed Great Southern Managed Investment Schemes, which returns to court next week. 


The firm said it is expecting thousands of investors to come forward to joint the case, which challenges the validity of loans issued by Bendigo and Adelaide Bank, Javelin ASset Management and Great Southern Finance. 


The action will seek damages on behalf of those investors who used their own funds to invest in the failed schemes.  


Ron Willemsen, a principal at Macpherson + Kelley Lawyers, who is leading the class action on behalf of 2,000 plus investors, said there are probably thousands more who would now join the case. 


More than 40,000 investors with funds managed by Perth-based Great Southern are facing big losses after the appointment of administrators to the debt-laden company.


Great Southern offered investment packages in forestry, cattle and agricultural projects on nearly two million hectares of land across Australia. The company has about $700 million in debt.


If the action succeeds, investors who took out loans could expect to get back what they had already paid, and also be relieved of the obligation to pay anything further. Meanwhile M+K will seek damages on behalf of investors who used their own money to invest in the Great Southern schemes.


Willemsen said having succeeded with an icebreaker case, which saw the Victorian Supreme Court make an order in March allowing the first case to proceed on behalf of people who invested in Great Southern’s 2005 and 2006 plantation projects, the opportunity for investors to recoup their losses was now ripe. 


The law firm also intends to file further class actions for clients who invested in various other Great Southern schemes during the years 2005 to 2009.



Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Law firm leads Great Southern action
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Oct 19 2017
‘Ego status’ compelled ex-lawyer to defraud $2.97m, court told
Debarred lawyer John Gordon Bradfield told an NSW District Court that he was driven by “ego status...
Australian Lawyers Alliance (ALA), Queensland’s new industrial manslaughter legislation,
Oct 19 2017
ALA welcomes ‘tough’ Qld manslaughter laws
The Australian Lawyers Alliance (ALA) has welcomed Queensland’s new industrial manslaughter legisl...
Legal podcasts, tune in, microphone
Oct 19 2017
Legal podcasts you have to tune in to right now
The rise of the internet has hailed in a new dawn for storytelling. Here’s our top pick of podcast...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...