A Sydney law firm representing former Storm Financial clients backing legal actions against the big banks has sent clients a revised schedule of levies, requesting the first instalment of $5000 by 23 May.
Law firm Levitt Robinson has just sent clients a revised schedule of levies, including $10,000 for those with losses up to $250,000 and up to $35,000 for those with losses of more than $2 million plus 1.5 per cent for each $1 over $2 million.
The clients are backing legal actions against the Commonwealth, Macquarie, Bank of Queensland, Colonial First State, Challenger Financial Services and Westpac.
In a letter, the law firm’s principal Stewart Levitt told clients the prospect of settling before a trial had been substantially reduced because of a strategy by banks to test investors' resolve and capacity to pay, the Townsville Bulletin reports.
"They must not be allowed to succeed in wearing you down before you can beat them in court," he said in the information bulletin.
Levitt says barristers need to commit for three-month trials, the newspaper reports.
The New Lawyer has requested comment from the law firm.