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Octaviar liquidators get court OK to reject proofs of $900M in debt by subsidiaries
Restructuring & Insolvency 2019-09-24 9:18 pm By Christine Caulfield

The liquidators of failed Gold Coast investment group Octaviar have been given the thumbs up to reject over $900 million in proofs of debt from two of the firm’s subsidiaries after the Queensland Supreme Court ruled they had received competent legal advice on the matter and were justified in the rejections.

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Sacked Russells lawyer wins round in case over dismissal
Restructuring & Insolvency 2019-08-20 4:05 pm By Christine Caulfield

A restructuring and insolvency solicitor who is suing Russells Lawyers for summarily dismissing him has largely won a discovery dispute over evidence in the case, with a judge ruling the lawyer could access communications between any of the partners related to his termination two years ago.

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Dispute over $183M solar arbitration award against Spain stayed
Arbitration 2019-08-19 4:28 pm By Miklos Bolza

The Federal Court has stayed a lawsuit seeking to enforce a $183 million international arbitration award against the Kingdom of Spain over a solar farm investment while the country seeks to have the award annulled.

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$27M Fitch class action settlement approved after scolding by judge
Class Actions 2019-07-25 7:10 pm By Amelia Birnie

Group members in the Fitch Ratings class action have recovered almost 95 per cent of their losses in a $27 million settlement, which was narrowly approved after a judge scolded the parties for a lack of clarity around the mediation and opt-out process.

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Fitch settles investor class action over credit ratings on toxic SCDOs
Exclusive 2019-07-19 10:56 am By Christine Caulfield

Fitch Ratings has agreed to settle the last of the investor class actions in Australia flowing from the global financial crisis, a court heard Friday.

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Equititrust settlement with KPMG approved after no objections to funder taking all
Restructuring & Insolvency 2019-06-28 9:04 pm By Amelia Birnie

A court has approved a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG, after not a single objection was raised by unitholders or creditors who won’t receive anything after the entire amount is paid to the funder.

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Investors can’t revive class action over Octaviar collapse
Appeals 2019-06-21 9:27 pm By Miklos Bolza

An appeals court has tossed a challenge to the dismissal of an investor class action against the Public Trustee of Queensland over a failure to predict the 2008 collapse of Gold Coast-based finance group Octaviar, finding that the class had run a case based on allegations outside of its claims.

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Funder takes all in Equititrust settlement with KPMG, creditors get nothing
Restructuring & Insolvency 2019-06-20 9:10 pm By Miklos Bolza

The approval of a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG has been postponed to allow time to notify creditors and unitholders that they won’t see a cent, an outcome the judge called “a long way from litigation in any traditional sense”.

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Spain to claim sovereign immunity in suit over $392M arbitration award
Arbitration 2019-06-13 7:57 pm By Miklos Bolza

The Kingdom of Spain is contesting attempts to enforce two arbitration awards worth $392 million in the Federal Court, claiming sovereign immunity as it attempts to shut the proceedings down.

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KPMG settles lawsuits by Equititrust liquidators accusing accounting firm of negligence
Restructuring & Insolvency 2019-05-28 3:54 pm By Miklos Bolza

The liquidators of Gold Coast fund manager Equititrust are seeking court approval of a confidential settlement of two proceedings brought against KPMG for allegedly failing to properly audit the firm prior to its collapse.

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