The long-awaited decision in the Forum Finance case, where three banks, including Westpac, are seeking nearly $400 million in damages, is set to be delivered by the Federal Court in October.

Justice Elizabeth Cheeseman who was seriously injured in a car crash shortly after the hearings concluded is expected to deliver her judgement in October, The Australian reported.

Despite ongoing treatment, Justice Cheeseman has continued her work, handling the complex proceedings involving over 40 parties and three separate cases.

Her findings will potentially set the parameters for further recovery efforts from companies associated with the Forum Group.

It is expected that those efforts will include Bill Papas (Basile Papadimitriou), who allegedly masterminded the fraud in a notebook seized during a raid.

Papas left Australia in June 2021 and remains overseas, while Westpac and liquidators McGrathNicol have been recovering assets linked to the alleged fraud.

The asset recovery included the eviction of Papas’ business partner, Vincenzo Tesoriero, from a luxury property in Melbourne and the pursuit of claims against associated companies.

The case, which began in June 2021, involves allegations of a massive fraud scheme perpetrated against Westpac through fake asset financing agreements.

Westpac claims that the Sydney-based Forum Group orchestrated the scheme, which led to over $400 million being provided by Westpac and rival banks Societe Generale and Sumitomo Mitsui Banking Corporation for non-existent equipment.

The alleged fraud remained undetected for years as Forum consistently met lease payments. The scheme was uncovered only after a customer questioned their loan terms with Westpac.

NSW Police have also been investigating the alleged fraud, awaiting the outcome of Justice Cheeseman’s judgement.