forge group shareholders threaten legal action, page-5

A lot has come out in recent days and no doubt there will be more. The more there is, the more this looks like it wasn't just a case of a failure to manage of the failure to be aware of what management ought to be aware kind. I have also obtained other information which could potentially lead to evidence that there was knowledge of catastrophic failure a while before shareholders were notified. Further, it is my opinion that ANZ is unlikely to have knowingly let things get as bad as they did. It may take more risks than the other three big banks, but there are limits. I had considered that I would not get involved in a legal action, mainly due to the task of getting blood from a stone. However, a few days ago, someone mentioned on HC the issue of directors insurance (and which justbargains has just mentioned). In my view, this should be investigated. One potential issue is that insured sums may be too limited. Also, the conduct may be so extreme as to be excluded by policies. Nevertheless, by including each current and former director and all their insurers in a claim higher amounts may be recovered. I would also be interested to hear of any group forming to consider an action.