RETIRED High Court justice Ian Callinan QC was one of three legal experts weighing up the compensation due to victims of the failed investment group Storm Financial yesterday.
Lawyers representing about 2,000 clients on the case are hopeful the key ruling on possible compensation from the Commonwealth Bank will be handed down before Christmas.
The decision will determine how compensation should be made to Storm victims who took our margin loans from the bank's subsidiary, Colonial Geared Investments, to invest in the sharemarket.
In a day-long hearing yesterday, the triumvirate considered both oral and written submissions in relation to six investors.
Slater & Gordon lawyer Damian Scattini, who is representing Storm victims, said the panel's recommendations will be a guide for future compensation claims.
"They're fair, average cases as a guideline, so the CBA and Slater & Gordon know exactly which particular prism to look at the individual cases through and what the evaluators are likely to think coming down the track," he said, ABC News reports.
"It's not binding as we say on our clients, or future clients, it's not binding on the CBA either
"It's just in relation to those six particular cases but we'll have a better idea of where we stand and the resolution process can move forward," Scattini said.