Macpherson + Kelley’s class action against Bendigo and Adelaide Bank has been thrown out of the Supreme Court of Victoria.

The multimillion dollar class action brought against the two banks sought to recoup the losses of investors in the failed Great Southern Plantations managed investment schemes. While Justice Croft has left the door open for Macpherson + Kelley to pursue a new argument, the dismissal has delivered a damaging blow to the case. Macpherson + Kelley has spent the past 15 months preparing its claim.

 Based on figures released by the Australian Securities Investment Commission, M+K calculates that there are 25,000 investors poured money into Great Southern's projects between 2005 and 2009. The firm is also in the early stages of preparing a class action against the Willmott Forests Group on behalf of investors who lost millions of dollars in its tree plantation schemes.

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