The Maloney family had a large mortgage (over AU$8 million) on their resort property in Daintree, Australia. After a decline in their business, NAB commenced foreclosure proceedings. The Maloney’s found evidence that the bank conspired to sell their assets to a favored party at a discounted price, violating laws, policies, and procedures, as well as the bank’s fiduciary obligations.
The egregious conduct by the bank attracted significant publicity and was a featured story on 60 Minutes Australia on Sunday, May 7, 2017 (see link below).
Settlement negotiations began soon after a lawsuit was threatened. The case was settled in January 2018 for $3.3 million. Galactic invested $284,770.00. There was no security for costs due to the speed of the mediation and settlement.
The Maloney/NAB 60-minute story:
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