Bankwest and Commonwealth Bank investigation continues: Slater & Gordon
Law firm Slater & Gordon is continuing its investigation into a potential class action on behalf of some borrowers and mortgagors of Bank of Western Australia (Bankwest) and the Commonwealth Bank.
Currently undertaking due diligence with litigation funder IMF Australia, Slater & Gordon stated that it had concerns regarding the Commonwealth Bank's acquisition of Bankwest in 2008 and "how that may have negatively affected some Bankwest borrowers and mortgagors".
"We are looking at whether some of those people with Bankwest loans were hard done by when Bankwest revalued their securities and called up their loans in the period after the Commonwealth Bank took control of Bankwest," said Slater & Gordon commercial and project litigation lawyer Van Moulis.
Moulis said 120 people had so far registered their concerns, with most cases pertaining to commercial developments involving developers and small to medium business owners.
"The next significant part of the claim will be assessing the outcomes of the forthcoming senate inquiry.
"Our group members are very hopeful that the power and reach of a senate inquiry will assist them in finding out what has gone on," Moulis said.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.