VIC Can We Sue Bank for Negligence?

[Shezian]

Hi,

I am not sure if this is the correct department for this question. But in 2008, my family and myself invested in a Ponzi scheme, which of course, we weren't aware of the time and ended up losing everything. The bank lent us the money in excess of what we asked for. They were not aware of our investments, nor did they bother to ask before lending us this enormous amount of money.

We invested this money, in a share trading company, which then went bust in 2008. Are we able to file a lawsuit against the bank for negligence?

Kind regards

 

[Adam1user]

Hi,

Sorry for the bad news, but most properly you are not able to do anything against the bank, if the bank lent you money, then they would have followed their procedures for lending and if they broke their policy, then the bank will enforce their policies or review their policies (internal issue).

The bank will not be held liable for your decisions, you will be the person responsible for your actions.

The only way to hold the bank responsible, if you have enough documentation or evidence that the bank advised you to invest in this company, other than that, there is nothing you can do, sorry for the bad news, I hope I'm wrong, if so, someone will write the correct thing.

 

[Rod]

Based on the OP's post I can't see a cause of action against the bank.

It would depend on other undisclosed details somehow showing the bank did something wrong.

Australian law is not like what is shown on US TV shows. You don't get to sue someone else for your mistakes purely of your own making.

 

[Clancy]

The bank was not aware of your investments??
So you took a type of loan where you would not have to disclose the investments, was that not a 'red flag' to you?

 

[Shezian]

Cheers thanks so much