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Billabong founder Gordon Merchant has won the ear of the High Court in his fight over what the ATO claims was a "wash sale" of his 10 million shares in the retailer, but the justices have also agreed to hear the tax office's appeal.
Billabong founder Gordon Merchant has lost his challenge to a decision by the ATO to increase his tax liability to $31 million, finding that he conducted a “wash sale” of his Billabong shares and engaged in dividend stripping on the sale of bio plastics manufacturer Plantic Technologies.
An upcoming trial in a long-running legal stoush between a patent lawyer and the inventor of a energy efficient surf machine over the rights to the invention has been vacated after a judge found the company the rights were assigned to has not provided satisfactory discovery.
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.
Ernst & Young, which is facing a lawsuit brought by the receiver of a fund overseen by failed financial services firm LM Investment Management, has lost its bid to file a claim for damages against LMIM, with a judge saying the auditor's case was "flawed" and "counterintuitive".
A Queensland Supreme Court judge has given the green light for a $30 million settlement of a liquidator's case against failed financial services firm LM Investment Management, saying the result was appropriate and "a matter of some public interest".