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Class action against collapsed Linchpin Capital gets court go-ahead
Restructuring & Insolvency 2020-12-07 3:11 pm By Christine Caulfield

A judge has given his blessing to investors to pursue a class action against financial services firm Linchpin Capital and its subsidiary Endeavour Securities, saying there was a strong possibility the failed companies’ alleged liability would be covered by an insurance policy.

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Kogan hit with $350,000 penalty for misleading TAXTIME promotion
Competition & Consumer Protection 2020-12-07 1:07 pm By Cat Fredenburgh

Online retailer Kogan has been hit with a $350,000 penalty for misleading customers during its 2018 TAXTIME promotion by offering discounts on products whose prices had been inflated, far short of the $2 million penalty sought by the Australian Competition and Consumer Commission.

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Fairfax looks to pare Elaine Stead’s defamation case mid-trial
Defamation 2020-12-04 7:20 pm By Miklos Bolza

Nine-owned Fairfax has denied that two Australian Financial Review articles implied that venture capitalist Dr Elaine Stead “deliberately” destroyed capital, as it seeks to significantly reduce the defamation case it faces.

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AMP to tell advisers exiting BOLR program about class action
Class Actions 2020-12-04 12:47 pm By Cat Fredenburgh

The parties in a class action against AMP over changes to its buyer of last resort policy have agreed to a communications protocol making settlement offers and for releases attached to BOLR payments that require exiting financial advisers to waive their claims in the litigation.

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Elaine Stead says ‘terrible investor’ label worse than being called a fraud
Defamation 2020-12-03 11:15 pm By Spencer Fowler Steen

Being called a fraud is not as bad as being labelled a “terrible investor”, venture capitalist Dr Elaine Stead has said during trial in her high-profile defamation case against the Nine-owned Fairfax over two articles about her involvement in the failed investment company Blue Sky.

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Banksia funder’s son says threat to scrap $64M class action settlement ‘didn’t feel right’
Class Actions 2020-12-03 5:45 pm By Christine Caulfield

The son of Banksia Securities class action funder Mark Elliott questioned his father on whether it was “right” to rip up a $64 million settlement with the collapsed lender’s trustee if the deal didn’t guarantee him a $12.8 million commission, a court has heard.

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Court grants Wyeth injunction in Prevnar 13 patent dispute
Intellectual Property 2020-12-03 4:53 pm By Cat Fredenburgh

A judge has enjoined Merck Sharpe and Dohme from launching its 15-valent pneumococcal conjugate vaccine after finding it would infringe claims of a Wyeth patent for its Prevnar 13 vaccine, despite MSD’s argument that barring it from launching the vaccine would be contrary to the public interest.

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Mark Elliott’s son admits postdating cheques to Banksia lawyers ‘doesn’t look good’
Class Actions 2020-12-02 11:12 pm By Christine Caulfield

Lawyer Alex Elliott has told a judge he didn’t know when he postdated cheques for members of the Banksia class action legal team that it was done to mislead the appeals court in the case, but has admitted that in hindsight “it doesn’t look good”.

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Elaine Stead says AFR articles were ‘death knell’ for her career
Defamation 2020-12-02 10:51 pm By Miklos Bolza

Venture capitalist Dr Elaine Stead has taken the stand in a high-profile defamation case against the Nine-owned Fairfax, saying that she felt “shame, embarrassment, humiliation and guilt” over two allegedly defamatory Australian Financial Review articles about her role in the collapsed investment firm Blue Sky.

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‘I idolised dad’: Banksia funder’s son takes stand over class action fee scandal
Class Actions 2020-12-01 7:05 pm By Christine Caulfield

The mastermind behind an alleged fraudulent scheme by members of the legal team running the class action over the collapse of Banksia Securities was a “brilliant operator”, his son has told a court.

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