Fund manager Salter Brothers has been awarded more than $8 million in a breach of warranty suit against former Hendry Group boss Emma Hendry and related parties after they failed to comply with court orders in the case.
An appeals court challenge by a group of small businesses seeking coverage under business interruption insurance policies for losses flowing from COVID-19 restrictions has largely failed.
Salter Brothers’ multmillion dollar investment in advisory firm Hendry Group is worthless, a court has been told in the fund manager’s case alleging it was the victim of miseleading representations.
In rejecting a bid by The Star Entertainment Group to recoup losses stemming from the COVID-19 pandemic, the Federal Court’s Chief Justice did “real and unexplained violence” to the construction of a business interruption policy the casino giant had taken out with Chubb, the Full Court has heard.
Asset manager Aurora Funds has won its bid to toss a demand by law firm Piper Alderman for $119,335 in allegedly unpaid legal fees, with a judge finding the terms of a settlement deed between the parties may operate as a “penalty” for defaulting on payments.
Insurers have largely succeeded in challenging COVID-19 business interruption losses claimed by a group of small businesses, in an important second test case that could save the industry billions of dollars.
Westpac will recoup the majority of proceeds from the $29.6 million sale of collapsed fintech Sargon Group, with a judge calling the company’s liquidators “anxious sellers” who sold at speed and well below market value.