Bell Group case to settle: report

The Bell Group case is set to reach settlement as parties have asked for an adjournment instead of going to a High Court hearing due to start this week, The Australian Financial Review reports.

According to the newspaper, a group of 20 banks including Westpac Banking Corporation, National Australia Bank Ltd and Commonwealth Bank of Australia would pay more than $1.58 billion in compensation if the case settled, the sum ordered after it was first heard in 2008.

Each of the three banks is likely to have a liability between $250 million and $300 million, if Australia's biggest and most expensive law suit settles, according to the AFR.

The case is about the restructuring of $282 million in bank facilities to Alan Bond's companies before they collapsed in 1990, as liquidators alleged the security was provided when the business was already insolvent, making it void.

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