Kyabram Free Press

Banksia return could be 95%


His decision resulted in a payment of $11,700,128 to investors, plus court costs.

He also removed Mr O’bryan and Mr Symons from the roll of the legal profession and has asked Mr Zita and Mr Elliott to show cause why they should not also be removed from the roll.

Justice Dixon’s summarised three-page finding, from a 696-page report, is now available to the public.

Monday’s Supreme Court ruling could take the return close to 95 per cent of the initial outlay for the 15,622 investors.

In delivering his ruling Justice Dixon recognised the determinat­ion of a retired Ballarat nurse and her lawyer son, along with a third investor, who were the first to question the $19 million in lawyer costs set to be deducted from the $64 million settlement.

He also acknowledg­ed Peter Jopling QC and counsel Jennifer Collins, whom he appointed to scrutinise the invoices.

They were the lead investigat­ors into senior barrister Mr O'bryan, AFPL founder Mr Elliott and junior counsel Mr Symons.

Don Mckenzie, who has represente­d Kyabram investors’ interests in the matter as a member of the Banksia Recovery Action Group, said the case reached across the entire Goulburn Valley and much of regional Victoria.

“Shepparton, Echuca and Kyabram was a stronghold area as the business grew from the legal firm of Morrison and Sawers in Ky. Ballarat and Warrnamboo­l,

Hamilton and even Nhill were strong centres that attracted investors through connection­s with legal practices in those centres,” he said.

Mr Mckenzie, Doug Crow, Peter Nelson and Peter Hann were key figures in forming the action group that took on the fight to ensure investors were not “disadvanta­ged” by the court-appointed receivers.

“The receivers were after a fast turnaround that may have resulted in only 55 cents in the dollar returned to investors, unless this action had not been taken,” Mr Mckenzie said.

“Never did we believe the need for the class-action profit seekers who deceived and ultimately tried to rob investors. What a 10-year ride it has been.”

He said the judgment was excellent, but the group now needed to bring the judgment into dollar terms.

 ?? ?? Eight years ago: Kyabram identities Peter Hann, Don Mckenzie, Doug Crow and Peter Nelson at a meeting in 2013.
Eight years ago: Kyabram identities Peter Hann, Don Mckenzie, Doug Crow and Peter Nelson at a meeting in 2013.

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