The receiver for failed Banksia Securities wants a release from claims stemming from his role, including a case by investors who lost their life savings only to be duped by the class action team that represented them.
Arnold Bloch Leibler and a litigation partner at the law firm are among defendants named in a new case for their representation of the mastermind behind the scandal-ridden Banksia Securities class action.
A judge has given the greenlight to a $10 million settlement with entities linked to late solicitor and Banksia class action mastermind Mark Elliott, noting the “perverse” difficulty of recovering more of the $70 million in assets held on trust.
Entities linked to the late solicitor Mark Elliott are set to pay $10 million to settle claims by Banksia class action members, despite a related company owning $70 million on trust, a court has heard.
The receiver appointed a decade ago to claw back money for investors in failed Banksia Securities might seek the protection of a court order releasing him from proposed new proceedings, which would also target lawyers alleged to have breached their overarching obligations.
A bid by Banksia Securities’ special purpose receiver to thwart planned proceedings by a group of debenture holders against lawyers for the class action funder has failed.
The firm that represented the funder of the notorious Banksia class action faces potential proceedings by a group of debenture holders. Meanwhile, Banksia’s receiver wants a court direction that he is justified in not pursuing the lawyers.
Unable to convince an appeals court that a common law right of appeal exists, disgraced former barrister Norman O’Bryan has failed in his challenge to findings of fraud in a judgment stemming from the Banksia class action saga.
A judge has indicated he will approve settlements totalling $2.7 million reached with disgraced senior barrister Norman O’Bryan and a cost consultant retained by the legal team behind the Banksia class action fraud.
The value of assets held by companies linked to the late Banksia Securities class action funder is expected to top the $19 million owing on a court judgment against the fraudster and his c0-conspirators.