The litigation funder behind a scam to defraud members of a class action over the collapse of Banksia Securities has entered liquidation, and the funder’s two surviving directors will be among potential targets of attempts to recover money to pay a $21.7 million court judgment.
The litigation funder behind a fraudulent scheme in a class action over Banksia Securities has entered administration with negligible assets to its name.
Two former barristers ordered to pay at least $21.7 million in damages and costs for their role in a fraudulent scheme to pocket a windfall from the Banksia Securities class action have filed for bankruptcy.
The Banksia Securities class action saga will return to the appeals court, with a lawyer indicating he plans to challenge last month’s ruling that found he knowingly assisted in a plot to defraud tens of thousands of investors in the collapsed lender.
Lawyer Alex Elliott, the son of the funder behind the Banksia Securities class action, has been ordered to give a “full, frank and honest” explanation of his role in an alleged fraudulent scheme to inflate legal fees in the case, and he risks his career if he’s not forthcoming.
The son of controversial funder and lawyer Mark Elliott has been joined to proceedings alleging the lawyers behind the Banksia Securities class action conspired to pocket excessive fees in the case, after a court heard there was a “litany” of evidence he was party to the alleged fraudulent scheme.
Directed Electronics has slammed a decision by one of its former managers to switch lawyers in the middle of a trial over alleged corporate theft, saying the move had a “tactical flavour”.
Cargill has won a discovery dispute in a case alleging fraudulent concealment by Viterra in its $420 million sale of malt producer Joe White Maltings to Cargill Australia in 2013, with a judge finding documents attached to privileged emails or emails that are part of a privileged chain are protected by legal professional privilege.
Viterra Malt has come up short in a second bid to access communications between Cargill Australia and its lawyers, in a case alleging fraudulent concealment by Viterra in its $420 million sale of malt producer Joe White Maltings to Cargill Australia in 2013.