Forum Group director Bill Papas intends to return to Australia to face $400 million fraud allegations but doesn’t have the funds for a flight home, his lawyer told the Federal Court Wednesday.
A judge has vacated next year’s trial in ASIC’s insider trading case against Westpac despite “misgivings”, and has made orders regarding confidential evidence after the Australian financial watchdog argued that handing the material to the bank could damage its relationship with its Hong Kong counterpart.
A judge has issued an ultimatum to Forum Finance director Bill Papas for his “entirely unsatisfactory” conduct in failing to provide details of personal assets while defending three lawsuits that accuse him of being behind a $400 million fraud.
Administrators have lined up a buyer for a Forum Group entity, as a first creditors meeting confirms Westpac has the largest claim to any recoveries after an alleged $400 million fraud by the equipment leasing company.
A judge has questioned the legal disbursements sought to be approved in a $30 million class action settlement against Westpac over allegedly excessive life insurance premiums, particularly the “extraordinarily large” barrister fees charged in the case.
The director of the Forum Group companies accused of a $360 million fraud involving at least three major banks can’t return to Australia from Greece because he has COVID-19, his lawyer has told the Federal Court.
ASIC’s case accusing Westpac of insider trading before the $16 billion privatisation of electricity provider Ausgrid should be heard “as quickly as the court can deal with it”, a judge has said.
Six of the world’s largest car makers have agreed to settle class actions accusing them of selling cars with deadly Takata airbags.
ASIC is seeking $1.5 million in penalties against insurers Allianz and AWP after they admitted to misleading or deceiving the public by selling travel insurance to ineligible customers through three Expedia-owned websites.
A unit of Australian funds manager One Investment Group is seeking to recoup almost $90 million in debts allegedly owed by three former directors of collapsed property developer Steller Group.