Storm win ‘ of sorts’

Townsville Bulletin - - NEWS -

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.

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