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A court has granted the corporate regulator leave to proceed with a lawsuit against collapsed advisory firm MWL Financial for advising clients to invest $114 million in their super into Keystone’s failed Shield Master Fund.
Delivering his findings on ASIC’s action against Star Entertainment executives on Thursday, Federal Court Justice Michael Lee remarked that the “self-congratulatory submissions" of former board members named in the case were "jarring”.
In finding Star Entertainment's former group general counsel liable for breaches of duty, the judge overseeing ASIC's case has questioned the chief lawyer's insistence that she "rarely gave legal advice" and that her roles with the company should be delineated.
ASIC has had mixed success in a case against former Star directors and officers, with a judge finding the casino operator’s former CEO and GC breached their duties but that claims against the former board fell short.
Construction PRO
The corporate regulator has launched proceedings to wind up a company in the steel empire of billionaire Sanjeev Gupta for its failure to lodge financial reports for four years.
ASIC has filed proceedings against Auto & General, alleging tens of thousands of Budget Direct customers lost discounts they were promised and were overcharged premiums for several years.
A judge has stayed Clive Palmer’s case against the corporate watchdog until a criminal case against him is complete, expressing concerns about the factual overlap between the two matters.
A judge has upheld IAG’s privilege claim over a technical paper prepared by an actuarial consultant, finding that the report was not merely forwarded to the legal team to cloak it in privilege.
An investment manager sentenced to a six-year prison term for trading on confidential information taken from the computer of Platinum Asset Management's chairman has lodged an appeal.
Ahead of a first case management hearing this month, superannuation fund trustee Equity Trustees has hit back at ASIC’s action over member's investment in the now defunct Shield fund, saying the regulator failed to warn it.