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Appeal paves way for $120m claim

THE Western Australian Court of Appeal this week handed down a judgement in favour of an application by plaintiffs in the Finance Broking Case regarding alleged negligence in relation to their mortgages. The decision by the Court of Appeal to lift the stay imposed by the Supreme Court of Western Australia in 2003 means the 3000 plaintiffs are now free to pursue their $120 million claim against the Finance Brokers Supervisory Board, as well as various solicitor firms who prepared their mortgages. Between 1992 and 1998, about 3000 mostly-elderly investors in Western Australia lost around $100 million through the allegedly-negligent activity of finance brokers. The claim against the Board and the claim against the lawyers is for the same amount of damages, on the basis that both are liable for the loss suffered by the investors. The total amount which may be paid by either or both sets of defendants is $100 million, plus interest.

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