Great Southern trial date set in stone
Plaintiffs in a class action against Great Southern Finance and Bendigo and Adelaide Bank failed in an attempt to revise their claim and further delay the trial, which is due to start on September 17.The plaintiffs - in an action coordinated by law firm Macpherson+Kelley - had wanted to add further allegations to the already broad statement of claim that seeks damages and also seeks to absolve investors in the scheme from having to repay loans from the bank.In his judgement, Justice Clyde Croft said the plaintiffs now alleged that the product disclosure statements for the 2005 and 2006 investment schemes of Great Southern Plantations should have contained statements to the effect that the firm "intended to engage in conduct… which would be in breach" of its financial services licence and was inconsistent with the Australian Taxation Office's product rulings relating to the schemes.Noting that "the trial date looms", Justice Croft ruled that "the very substantial discovery process is well advanced and the introduction of further substantive claims as proposed at this stage is… likely to require a review of existing discovery."Justice Croft ruled that "the critical basis relied upon is that it is more than likely, for the reasons indicated, that the trial date of 17 September will be lost and the trial substantially delayed if the proposed pleading amendments were permitted."He said this would result in prejudice to the defendants.Justice Croft also ruled that "there has been sufficient documentary material available to the plaintiffs to plead the matters very much earlier in the proceedings - if not initially."Justice Croft delivered his ruling verbally on June 29 and published the judgement late last week.