Lachlan Armstrong

The lead applicant in a resolved class action against Bank of Queensland has argued law firm Quinn Emanuel and litigation funder Vannin Capital should have their costs slashed by millions of dollars, saying their fees left little of the settlement for group members.

A Federal Court judge on Friday reluctantly approved a $12 million settlement in the long-running class action against Bank of Queensland, saying it left almost nothing for those affected by the notorious Sherwin Ponzi scheme.

The judge who sided with Medibank in the ACCC’s failed case last year paid little attention to one of the consumer regulator’s central arguments against the private health insurer, a court heard Monday.