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Judge slams ASIC’s case against Worrells partner
Restructuring & Insolvency 2020-10-29 4:57 pm By Cat Fredenburgh

A judge has set aside the pleadings in ASIC’s case accusing a Worrells liquidator of aiding and abetting the illegal phoenix activity of collapsed Queensland property investment advisor Members Alliance Group, saying he is entitled to a “coherent pleading”.

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Clive Palmer’s $21M offer to drop 14 lawsuits rejected by Coolum villa owners as ‘insane’
Class Actions 2020-10-23 3:56 pm By Miklos Bolza

An offer by billionaire Clive Palmer to pay $21 million for all remaining shares in villas at the Palmer Coolum Resort in Queensland and drop 14 lawsuits over resort ownership has been rejected by villa owners.

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Ernst & Young can’t rely on privilege against self-incrimination in LM Investment lawsuit
Financial Services 2020-10-22 9:12 pm By Miklos Bolza

A judge has found that auditor Ernst & Young cannot rely on the privilege against self-incrimination in a lawsuit brought over its audits of failed financial services firm LM Investment Management.

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Mayfair’s Mawhinney can’t stop trial prep in ASIC cases
Financial Services 2020-10-22 4:57 pm By Miklos Bolza

James Mawhinney, director of the besieged Mayfair Group, has lost his bid to slow down two proceedings filed by ASIC which he claims will have a “catastrophic” effect on his business, staff and investors.

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AIG settles case against ex-Kaboko Mining directors after D&O policy exclusion spat
Insurance 2020-10-20 1:06 pm By Cat Fredenburgh

AIG has settled a lawsuit brought by Kaboko Mining against several former directors alleging they failed to exploit commercial opportunities, after the insurer failed to convince an appeals court that an insolvency exclusion in the company’s D&O policy should exempt it from covering the claims.

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Judge backs ASIC plan to ban OTC binary options as issuers hit with $75M penalty
Financial Services 2020-10-16 4:52 pm By Christine Caulfield

Over-the-counter derivative issuers AGM Markets, OT Markets and Oxifin Tech have been ordered to pay a total of $75 million in penalties after a ruling that they engaged in unconscionable conduct causing losses of over $30 million to unsophisticated investors seeking what a judge called “financial heroin hits”.

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‘Horse has bolted’: Lawyer Alex Elliott waived right to silence in Banksia case, court hears
Class Actions 2020-10-15 7:10 pm By Christine Caulfield

Lawyer Alex Elliott can’t refuse to hand over evidence in the Banksia class action on the grounds of privilege against self incrimination or exposure to penalty because he waived privilege when he produced the documents to lawyers for his late father’s funder, a court has been told.

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In plea to court, Mayfair’s Mawhinney tries to salvage Mission Beach investments
Financial Services 2020-10-13 3:43 pm By Miklos Bolza

The director of the besieged Mayfair investment group will submit a new noteholder proposal to the court in an effort to stave off the winding up of M101 Nominees and salvage his multi-million dollar Dunk Island and Mission Beach investments.

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Lawyer raises spectre of criminal charges in Banksia class action fee scandal
Class Actions 2020-10-08 6:02 pm By Christine Caulfield

Lawyer Alex Elliott, the son of the mastermind behind an alleged fraudulent scheme by certain members of the legal team in the Banksia class action, has resisted handing over evidence in the case against him, invoking the right to silence in the face of possible criminal charges.

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Insurer may be dragged into Banksia class action after death of cost consultant
Class Actions 2020-10-08 6:01 pm By Christine Caulfield

The cost consultant joined as a defendant in the trial over alleged misconduct by the Banksia class action legal team has died, the second person implicated in the fee scandal to die this year.

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