Banks face class action over Storm
THE class action against banks involved in the Storm Financial debacle is still "chugging along" as a September trial date draws closer.
Lawyer Stewart Levitt, from Sydney-based firm Levitt Robinson which is leading the class action against two of the three banks, said the interlocutory hearing in the Federal Court on Wednesday was another step toward the September 10 trial.
Levitt Robinson has piggy-backed an ASIC case accusing the Commonwealth and Macquarie banks of supporting Storm's unregistered managed investment scheme.
"The parties were supposed to agree on the common issues in the proceedings and there's some arguments about whether ASIC's pleadings should be partially struck out or leave granted to amend them," he said.
Hundreds of people - many of whom attended Wednesday's hearing as they loyally do each time the matter goes to court- lost many millions of dollars when Storm Financial collapsed in 2008.