Bell Ruling Asks Banks to Pay

The court has ordered 20 banks to pay about $3 billion to Bell Group’s liquidators.

The ruling upholds a previous decision that orders banks to pay Alan Bond’s former company. These banks include three of the country’s biggest banks like Commonwealth Bank, the National Asutralia Bank, and Westpac.

This latest ruling marks the end to what others call as the longest legal battle in banking history.

The courts reportedly accepted the counter-appeal offered by Bell, and have come to an agreement as the trial judge also said that it made a mistake in the calculations of damages and interests.

The court has also asked the banks to pay legal costs for both sides, which analyst say may amount to hundred million dollars.

The lawsuit started in 1990 and involved a mortgage deal to keep Bell Group going. The financial collapsed in April the following year, and banks reportedly earned $280 million selling the assets of the company.

Bell Group’s liquidators said, however, that the banks knew the status of the company, and were trying to recoup profits from it. The directors were also accused of committing breach of duty.

The decision, however, can still be appealed in High Court.