The law firms and barristers who defended former Dick Smith directors in sprawling litigation over the failure of the electronics retailer earned close to $68 million in fees, a court has heard.
Forum Finance director Vince Tesoriero has lost a battle to stop receivers from selling luxury properties in which he and Bill Papas hold a stake pending the outcome of Westpac’s fraud case against him.
Forum Finance director Vince Tesoriero has raised concerns about the validity of the sale of a $4 million home in Sydney inner-West suburb Rozelle where company founder Bill Papas and his girlfriend lived, but a judge has indicated any attempt to block the sale would be “hopeless”.
Embattled investment group Mayfair 101 is challenging a judge’s decision last month to slug it with a $30 million penalty for engaging in misleading and deceptive advertising.
National Australia Bank has been served with a $78 million class action over the collapse of Walton Construction, three months after the case was stalled for funding complications.
Embattled wealth advisor Dixon Advisory has filed for administration, saying its potential liability in two class actions and a $7.2 million penalty it agreed to pay in ASIC proceedings mean it is likely to become insolvent in the future.
The litigation funder behind a scam to defraud members of a class action over the collapse of Banksia Securities has entered liquidation, and the funder’s two surviving directors will be among potential targets of attempts to recover money to pay a $21.7 million court judgment.
Compliance and legal specialist Sophie Grace has rejected allegations it was responsible for defunct forex trader Gallop International Group’s collapse after it allegedly loaned $15.4 million in investor funds to the company’s director in Hong Kong.
Forum Finance director Bill Papas’ cousin has hit back at Westpac’s allegations he wrongfully received $720,000 from the alleged fraudster in violation of freezing orders made in the bank’s lawsuit, which seeks to recoup $294 million paid into an alleged fraudulent scheme.
A group of banks that failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse have been ordered to pay indemnity costs after a court found they rejected $10 million settlement offers three days into the trial.