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Parties settle the Great Southern proceedings


23/07/2014

Bendigo and Adelaide Bank (the Bank) has entered into an agreement to conclude the class actions brought by investors in managed investment schemes operated by Great Southern.

Under the agreement, which is subject to approval of the Court, the Bank's borrowers who are members of the class actions have admitted that their loans are valid and enforceable and have provided broad releases from future litigation.

The principal and ordinary accrued interest remains payable by borrowers. However, the Bank has agreed to waive unpaid interest relating to overdue amounts, being the interest (additional to ordinary interest) that is payable by borrowers in default, which is accrued and unpaid up to the date the Court approves the settlement.

This waiver will not result in any adjustment to the