The son of the lawyer behind the Banksia Securities class action has effectively abandoned his appeal of a court judgment that found he knowingly and actively assisted his father in a fraudulent scheme to pocket almost $20 million in inflated fees and commission.
Insurer Bond & Credit Company is seeking to join Greensill Group to three lawsuits over the financing firm’s $1.7 billion collapse in March 2020, while Greensill has foreshadowed its own cross-claims against Insurance Australia Group.
A $1.5 million class action settlement against failed logistics provider GetSwift, which a judge termed a “disaster”, has been revised down to $1 million and may face a liquidators’ challenge that could see a group members recover nothing.
The judge whose ruling against the legal team behind the Banksia class action fraud helped redeem the battered reputation of the civil justice system may be asked to disqualify himself from the final fight in the drawn out case.
The High Court has dismissed an application by accounting giant KPMG to transfer a class action over the collapse of mining company Arrium from Victoria to NSW.
Liquidators of failed tech company GetSwift have foreshadowed an objection to a $1.5 million settlement going to shareholders in a class action that a judge has labelled a “disaster”.
Former CEO of failed van Eyk Research has been sentenced to 15 months’ imprisonment after admitting he breached his duties as director of a subsidiary to dishonestly retain control of the company.
Dead or broke, the class action lawyers who schemed to defraud investors in failed Banksia Securities should not escape a $21 million judgment for damages and costs, a court has heard.
Lendlease and other major builders have secured a significant victory in a long-running case brought by the liquidators of failed engineering company Hastie Group, with a judge saying Hastie wasn’t entitled to the proceeds of bank guarantees withdrawn by the builders when it collapsed 10 years ago.
A joint court application by ASIC and NSW Fair Trading calls for special purpose liquidators to claw back money from funeral insurer Youpla over concerns about the current liquidator’s relationship with the failed company’s former lawyer.