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The judge who presided over ASIC’s successful case against payday lender Sunshine Loans has recused himself from deciding on penalty in the matter, saying a new court protocol might be needed for when a judge makes an adverse credit finding during the liability phase of a case.
In a win for the Australian Securities and Investments Commission, a judge has found that payday lender Sunshine Loans charged thousands of customers prohibited fees, issuing a scathing judgment condemning the company’s “wrongheaded” conduct.
Fortrend Securities is amending its $28 million lawsuit against rival Shaw & Partners and two former advisors accused of scheming to solicit customers, adding a claim that a client list was produced and then destroyed after legal action was foreshadowed.
Herbert Smith Freehills has filed proceedings against its former client United Petroleum, seeking costs of successfully defending a lawsuit alleging it acted negligently in relation to the company’s failed initial public offering in 2016.
Queensland lender SunshineLoans has lost its second bid for the Full Court to decide whether ASIC has the power to bring civil penalty proceedings for violations of the Credit Code, with a judge finding its arguments were not strong enough to vacate an upcoming trial.
A judge has removed two liquidators as administrators of a defunct company after finding they abused the court's processes by demanding $69 million in damages from the directors of water filtration business Billi.
Sunshine Loans has lost its bid to have the Full Court weigh in on ASIC’s authority to seek penalties for Credit Code violations, in proceedings accusing the online lender of charging over $320,000 in prohibited fees.
The liquidators of failed engineering company Hastie Group have appealed a decision that knocked out half its $120 million case against Multiplex, Lendlease and numerous other builders.
Lendlease and other major builders have secured a significant victory in a long-running case brought by the liquidators of failed engineering company Hastie Group, with a judge saying Hastie wasn't entitled to the proceeds of bank guarantees withdrawn by the builders when it collapsed 10 years ago.
A Melbourne law firm has lost its bid to delay payment of a $184,000 judgment to a former junior lawyer who earned hundreds of thousands of dollars per year under a lucrative pay structure.