Storm win ‘ of sorts’
INVESTORS who sued Commonwealth Bank of Australia over the Storm Financial calamity have reached a court settlement – for the same offer they had received three years ago, minus legal fees. The lawyer behind the class action, who earned legal fees, argued the $ 34 million settlement was a win of sorts. Stewart Levitt, of Levitt Robinson, contended while 143 litigants had lost about 10 per cent of their settlement in legal fees, they had still gotten to take CBA to open court and air internal concerns at CBA about Storm. CBA welcomed the deal.