Deposit needed to get NAB class action to trial

Plaintiffs in a class action against National Australia Bank must provide A$6.5 million as security against a costs order a judge of the Supreme Court of Victoria ruled yesterday.

The plaintiffs are seeking damages arising from a loss in the value of NAB's shares following the disclosure of losses on collateralised debt obligations in late 2008.

International Litigation Funding Partners are funding the case, with Maurice Blackburn managing the case.

The case may go to trial in December this year.