Former Banksia investors could win a further two cents in the dollar in Supreme Court settlement.

Richmond Sinnott and Delahunty Accountants is among a number of parties as part of a possible settlement with former Banksia investors.

FORMER investors in the failed financial institution Banksia could expect a moderate windfall in the coming months as a $13.25 million Supreme Court settlement approaches approval.

The Supreme Court settlement against Bendigo-based accounting firm Richmond Sinnott and Delahunty, as well as Banksia directors and solicitors, would add another two cents in the dollar to investor returns.

The total returned would rise to 82 cents in the dollar.

On Thursday, Justice Ross Robson indicated he would support the settlement, but reserved his judgement for a later date.

The major part of the class action – a claim for $133 million plus interest from the trustee – is expected to go before the court in March 2017, as liquidators complete the wind-up of Banksia.

Despite the likelihood of more money for investors, members of the group launching the class action were “extremely disappointed” with the $13.25 million figure.

In a statement, co-founders of the Kyabram Banksia Debenture Holders Actions Group, Doug Crow and Don McKenzie, said the amount was at least “reasonable in regard to their inadequate professional indemnity insurance cover”.

“Given that the trustee will also be taking action against these parties, it is felt that the settlement is probably as good a result as could be expected,” the statement read.

“(We) hold out hope that the action being taken against the most culpable party, in our opinion (the trustee company) … will produce a substantial settlement when it goes to court in March 2017.”

Banksia merged with Statewide in December 2008, which investigations revealed was a significant precursor to the collapse. A forensic audit found Statewide had negative assets including loans with a total loss of over $54 million.

In the statement, Mr Crow and Mr McKenzie said investors were “entitled to be disgusted at the incompetence” of management.

“These matters should have been discovered by the trustee long before the appointment of receivers,” the statement read.

“After all, it is the duty of the trustees to oversee and protect the interest of investors.

“Banksia could possibly have survived without the Statewide merger and with appropriate management decisions.”

Banksia Securities collapsed in October 2012, owing $633 million to 16,000 investors, who predominantly lived in rural areas.