A national law firm has been found liable to pay $13 million in damages for giving negligent advice to a former client that led to a botched sale of its business to Woolworths and caused it to go into administration.
Chinese lender Aoyin must pay PricewaterhouseCoopers’ legal costs for a vacated trial after Aoyin’s eleventh hour decision to join Baker McKenzie to a $10 million cross-claim in a dispute concerning the accounting firm’s advice on its failed bid to launch the first Chinese incorporated bank in Australia.
A judge has found PwC should face a claim that it engaged in misleading and deceptive conduct while assisting Chinese lender Aoyin with its planned launch in Australia by failing to properly advise the company there was a risk its shareholders did not comply with APRA’s ‘fit and proper’ requirement.
Baker McKenzie has been accused of negligence in a cross claim by Chinese lender Aoyin, which faces a lawsuit by accounting giant PricewaterhouseCoopers for unpaid fees over advice related to a failed bid to launch a bank in Australia.
A unit of Oaktree Capital Management has been ordered to join all former shareholders of consumer brand wholesaler Marlin Brands as defendants in a case over the investment giant’s $200 million acquisition of the company that alleges fraud or wilful deceit on the part of the sellers.
Chinese lender Aoyin wants to join Baker McKenzie to its claims against PwC over a failed bid to launch the first Chinese bank incorporated in Australia, after advice documents from the law firm were uncovered in a last-minute privilege fight.
Food dip producer Obela Fresh Dips & Spreads has won a $3 million judgment against a former director who defrauded the company of millions of dollars, lied about his wife’s suicide and fled the country.
Slater and Gordon has won a bid to strike out parts of a cross-claim seeking injury compensation for alleged bullying at the law firm brought by a solicitor accused of stealing clients after jumping ship.
To avoid a creditor panic in the midst of the COVID-19 health crisis, the NSW Supreme Court has appointed a receiver instead of a liquidator to a rural hotel that is the centre of a deadlocked shareholder dispute over more than $2.7 million.
A liquidator who ‘provoked litigation’ must personally pay the costs of the proceedings brought by a creditor of defunct company Azmac because of his ‘unreasonable’ handling of the company’s liquidation, a court has found.