Ruling today in Bell Group legal saga
The West Australian Supreme Court will deliver its findings in the Bell Group litigation today, 17 years after the investment group controlled by Alan Bond collapsed, 13 years after the state government brought the legal proceedings and more than five years after the civil trial finally began in 2003.The state government, which inherited the liabilities of the State Government Insurance Office, funded an action by the Bell liquidators against a syndicate of 20 Australian and foreign banks.The case was spread over 404 court sitting days, incurred costs in excess of $300 million and involved the tender of more than 85,000 documents, according to a report yesterday by AAP.The liquidators are trying to reclaim the funds for unsecured Bell creditors totalling at least $1.7 billion, an amount that could balloon to more than $3 billion based on interest and profits they say the banks could have pocketed.AAP reported that any final orders from Justice Owen may not be handed down until December following the court's consideration of damages and costs.