As Slater & Gordon’s efforts are winding down in its representation of Commonwealth Bank Storm Financial victims, small firm Levitt Robinson’s fight is just beginning.

Slater & Gordon today announced that it had finalised 900 claims against the Commonwealth Bank of Australia (CBA) under a negotiated resolution scheme. By the end of December 2010, all Slater & Gordon CBA claims are expected to be finalised. Damian Scattini of Slater & Gordon said today more than 1,500 individual investors had now received compensation from the Bank as part of the process.

Levitt Robinson’s Class Action against CBA is on behalf of approximately 300 Storm Financial victims and is scheduled to continue in court next month. Levitt Robinson today reconfirmed to its clients that the Class Action “is designed to extract the highest price” from the Bank. 

Which firm will achieve the best result for victims? It seems unlikely that CBA will want to hand over a compensation package that favours Levitt Robinson clients over Slater & Gordon clients. The most likely course of action will be a protracted battle through the courts.

The Class Action will be closely observed by still struggling Storm Financial victims who suffered losses via other financial institutions. It will also be closely observed by Slater & Gordon, whose reputation could take a hit if Levitt Robinson scores a big win by litigating.