The lesson I have learnt here is that the class action route is...

The lesson I have learnt here is that the class action route is not the answer as a remedy for this sort of behaviour. Most of us lost more than 90% of our hard earned cash and several years later we received via MB and Co. a pittance. Only winners were the lawyers and their financiers who take up to 40% of any sum awarded by the courts . No wonder there is such an unseemly rush of new class actions issued by the same firms more recently .In the meantime the perpetrators of this disaster seem to have escaped scot free . The answer is to make the directors accountable for their actions by inserting penal provisions in the Corporations law AND ENSURING THAT ASIC OR WHATEVER ENFORCES THEM. Shareholders in listed companies deserve better protection against such reckless and incompetent behaviour in the future. It should never be allowed to happen again