Receivers appointed in the wake of the collapse of Banksia Securities may seek costs orders against the estate of deceased funder and class action lawyer Mark Elliott, a court has heard. Meanwhile, the Victorian Bar says it has “every confidence in the judicial process” after senior counsel Norman O’Bryan yesterday abandoned his defence of misconduct allegations stemming from the case.
Barrister Norman O’Bryan SC has abandoned his defence of misconduct allegations stemming from the Banksia Securities class action and expressed contrition to the court for his actions.
Lawyer Mark Elliott was the “puppet master” behind the Banksia class action, retaning an old school mate to represent the lead applicant but in reality funding and running the proceedings with barristers Norman O’Bryan SC and Michael Symons to line their pockets at the expense of group members, a court has been told.
A contradictor investigating alleged professional misconduct on the part of the legal team and funder behind a class action against failed Banksia Securities will subpoena the bank records of deceased class action lawyer and funder Mark Elliott and associated companies. Meanwhile, the barrister for the lead applicant has returned her brief on the eve of trial, on the advice of the bar ethics committee.
A judge has signed off on a $37.5 million Murray Goulburn class action settlement but slashed $2 million in legal costs sought by Mark Elliott’s law firm, which is running the case.