Insurer picks up Fincorp bill 25 March 2011 5:42PM Ian Rogers Major Banks Bendigo and Adelaide Bank said yesterday that the insurer for its Sandhurst Trustee subsidiary would wear the $29 million cost of the proposed settlement of the class action bought on behalf of investors in property financier Fincorp.A Federal Court hearing was told the outline of the proposed settlement on Wednesday. Slater and Gordon acted for the 200 plaintiffs in the class action. Around 5000 investors are eligible to join the claim.Bendigo, Sandhurst and its insurance company "decided to settle the matter for commercial reasons, without any admission of liability by Sandhurst Trustees. This decision does not imply any wrong-doing on Sandhurst Trustees' behalf," Marnie Baker, Bendigo's executive for banking and wealth, said in a media statement.Sandhurst Trustees provided a debenture trustee service to one of the Fincorp companies from 2004. The financier failed in early 2007.