Embattled financial services firm Greensill Capital has lost an emergency bid for a temporary mandatory injunction that would have forced its insurer to renew trade credit policies covering $4.6 billion in client loans as it fights to avoid collapse.
A judge has signed off on a settlement in two shareholder class actions against clothing retailer Surfstitch, but has capped the legal costs and commissions sought by the litigation funders after finding the law firms behind the cases sent out notices to group members that were “misleading” and “understated” the risks of joining the class.
Count Financial has failed in its bid to put a former financial advisor’s insurers on the hook for a $15.3 million lawsuit brought by his former clients, as the accounting services company seeks to claw back its losses allegedly resulting from the advisor’s breaches of his duty of care and skill.
IOOF subsidiary Australian Executor Trustees failed to drag law firm Sparke Helmore into a case after it was hit with a $76.6 million judgment over breaches of duty in the sale of a 42,000 hectare timber plantation by collapsed forestry giant Gunns Group.
A Sydney lawyer has lost her bid to vacate an upcoming hearing in her appeal of a judge’s finding that investors who sank $12.3 million into a fraudulent sports betting scheme run by convicted conman Peter Foster lost money because of her failure to come forward with the truth.
The majority shareholder in insurance broker Coverforce has won its bid to use documents from an existing lawsuit over the company’s $25 million acquisition of Suncorp unit Resilium in new proceedings it intends to bring.
Sparke Helmore has admitted that legal advice it provided to IOOF subsidiary Australian Executor Trustees was inadequate but has argued it should be responsible only for up to 10 per cent of the $76.6 million judgment against AET over the sale of a timber plantation by collapsed forestry giant Gunns Group.
Group members in two settled class actions against clothing retailer Surfstitch have been told the settlement amount available to them has plummeted amid a “very difficult retail environment”.
The builder behind the ill-fated Opal Tower has lost its opposition in the NSW Supreme Court to a $3.9 million guarantee requested by the property’s developer, after a judge found it had not proved compliance with its contractual obligations.
Unfunded group members in two shareholder class actions against online fashion retailer Surfstitch have been told they are likely better off to opt out of a settlement if a judge approves $6 million in fees and a 30 per cent commission sought by the law firms and funder that brought the cases.