The firm’s litigation team, led by principal Bernard Murphy, are still waiting for the 12 June deadline for shareholders to register their interest before it moves forward on the action, The Age reports. 

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The legal team alleges NAB in 2008 failed to disclose to shareholders the true value of its 10 collateralised debt obligations (CDO) of asset backed securities and synthetic CDOs. It will claim there was a delay in writing down $1.2 billion portfolio of CDOs.