The decision on the Great Southern class action proceedings reserved

In July this year the parties to the Great Southern class action advised the Supreme Court of Victoria that they had reached settlement. However, that settlement is only conditional until it receives Court approval.

Justice Croft heard the approval motion on 17 and 18 November 2014. His Honour reserved his decision.

Background

The Great Southern litigation was one of the largest matters in Victorian history. The plaintiffs are investors in the Great Southern timber plantation schemes who claim that they invested in the schemes based on the misleading and deceptive conduct of the scheme's promoters.

The defendants are the liquidated companies that operated the schemes, the former directors and the lenders who advanced funds to the investors to participate in the schemes.