Skip to main content
We're here for you. Visit our COVID-19 help page for information on how we can help.
Close alert
Locate us 1300 236 344
Logon
Financial planningFuneral Bonds

Parties settle the Great Southern proceedings

23 July 2014 |Media centre

Bendigo and Adelaide Bank (the Bank) has entered into an agreement to conclude the class actions brought by investors in managed investment schemes operated by Great Southern.

Under the agreement, which is subject to approval of the Court, the Bank's borrowers who are members of the class actions have admitted that their loans are valid and enforceable and have provided broad releases from future litigation.

The principal and ordinary accrued interest remains payable by borrowers. However, the Bank has agreed to waive unpaid interest relating to overdue amounts, being the interest (additional to ordinary interest) that is payable by borrowers in default, which is accrued and unpaid up to the date the Court approves the settlement.

This waiver will not result in any adjustment to the accounts of the Bank as unpaid interest relating to overdue amounts has not previously been recognised as revenue.

Bendigo and Adelaide Bank Managing Director, Mike Hirst, said he was very pleased with the settlement.

"We have always maintained that the Bank's conduct was at all times appropriate and the Bank is entitled to be repaid its loans to Great Southern borrowers.

"The terms of this agreement endorse this position and we look forward to working with the borrowers as they repay their debts to us," Mr Hirst said.

Borrowers can contact the Bank on 1300 677 885 to discuss the repayment of loans.

Related Topics

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

© Copyright 2020 Bendigo and Adelaide Bank