An investor class action against failed advisory firm Linchpin Capital has sought court approval of a $12.15 million settlement with insurer AIG, which will leave 176 group members to share in $7.2 million after deductions.
A business lender that issued personal loans is on the hook for unlicensed credit activity, but ASIC’s action against the director has failed, with a judge finding the regulator was “entirely indifferent” to the circumstances of the case.
The Full Court has granted a cross-appeal by crypto currency provider Block Earner, finding its did not need a financial services licence because its crypto product is not a financial product.
Details of a settlement with AIG in a class action by investors in failed Linchpin reveal the insurer has paid out all of a $10 million policy and will hand over another $2.15 million in interest and costs.
Lendlease has vowed to appeal its failed bid to enforce a $120 million purchase agreement for five plots of land in Campbelltown, saying it could face a $100 million write-off if unsuccessful.
A class action brought by investors of failed advisory firm Linchpin has reached a settlement with insurer AIG — the last remaining defendant in the case.
Lendlease has lost a lawsuit seeking to enforce a $120 million purchase agreement for five properties in Campbelltown, with a judge finding its failure to meet the conditions of sale for one key property meant the deal was off.
Logistics company Qube can’t dodge a $71 million payment to subcontractor Martinus Rail, with an appeals court finding no error in an adjudicator’s finding that Qube’s payment schedule was “incomprehensible”.
General Motors has defeated a class action by Australian car dealers over its decision to retire the Holden brand, with a judge finding the car maker did not breach its agreements.
Collapsed Melbourne developer Steller has failed to convince a court that its founders and two former directors owe $101.9 million, with a judge rejecting claims that they personally guaranteed the company’s debt.