A SERIES of class actions being brought by investors in failed agribusiness group Great Southern will seek to recover more than $100 million from Bendigo and Adelaide Bank and other parties.
Law firm Macpherson + Kelley launched the first of the actions in the Victorian Supreme Court last week, on behalf of the 1700 investors caught up in the collapse of Great Southern last year, The Australian Financial Review reports.
Investors who borrowed money to invest in Great Southern projects want the loans provided by Bendigo Bank, Javelin Asset Management and Great Southern Finance, which is now in liquidation, declared void and unenforceable.
The investors are also fighting for damages and to recover principal and interest already paid on the loans, on the grounds that they were misled about key details of investment schemes promoted by Great Southern.
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