Lawyers behind a scheme to defraud members of a class action over the collapse of Banksia Securities have offered $10.6 million to resolve a case that has put them on the hook for at least double that sum.
Tokio Marine subsidiary Bond & Credit Company and fired underwriter Greg Brereton have been pulled into lawsuits targeting Insurance Australia Group over trade credit policies covering $4.6 billion in loans issued by the now collapsed Greensill Capital.
Administrators for building giant ProBuild have won more time to examine its assets as they try to avoid the “nightmarish prospect” of costly delays to the company’s projects.
The Victoria Supreme Court will hold two passwords for Bitcoins in a secure location after a judge found that the loss of the passwords could lead to the destruction of $10.3 million worth of cryptocurrency at the heart of lawsuits involving the collapsed Blockchain Global Limited.
A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.
The brother of Liberal Senator and former resources minister Matt Canavan can investigate potential claims against Glencore in his long running legal spat over the Rolleston coal mine, after a court greenlit his bid for the appointment of special purpose liquidators.
Virgin Australia is facing a shareholder class action investigation over representations made in a 2019 prospectus for a capital raising to fund its $700 million acquisition of the Velocity loyalty program, issued six months before the airline filed for administration.
Insurance Australia Group has denied it owes Greensill Bank $48.5 million under a trade credit policy issued by its agent BCC, saying the underwriter was not authorised to enter into the policy.
The Australian Securities and Investments Commission has lost an interim injunction bid against the director of investment firm Mayfair 101 in its case seeking a contempt finding, despite arguing there was a substantial risk of harm to consumers.
In a boost to securities class actions, the High Court has ruled that directors of collapsed companies can be subjected to public examination by shareholders wanting to bring civil proceedings.