Bendigo to fight Great Southern action

Bendigo and Adelaide Bank says there's "nothing new" in a statement of claim against it lodged in the Federal Court by Sydney law firm DC Legal on behalf of investors in the Great Southern managed investment schemes.


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I am a grower investor impacted by the Great southern debacle. I invested in 2005 as a supplement to superranuation for my retirement. What Mr Hirst fails to acknowledge is that not all investors are high net worth individuals - many are private individuals acting on retirement planning advice from experts - struggling to ensure they can achieve a modest level of comfort in their final years. As for projects under new management being likely to produce a return for grower investors, what Mr Hirst really should have said is that the bank has protected its full return, the bank has influenced the selection of a new responsible entity in a deal where that entity will draw down 50% of my net eventual return, and the remainder will go to the ATO. The grower investor will be left with next to nothing. I have a loan which the bank foolishly acquired from Great Southern Finance. I am up to date, but fully empathise with those investors who have said we have been lied to, manipulated, and treated with utter disrespect by the institutional stakeholders including the Bank.

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