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The former CEO of failed electronics retailer Dick Smith should be held responsible for approving two dividend payments worth $28.5 million which the company could not afford to pay given it owed millions in unpaid bank loans and supplier debts, an appeals court has heard.
The law firms and barristers who defended former Dick Smith directors in sprawling litigation over the failure of the electronics retailer earned close to $68 million in fees, a court has heard.
National Australia Bank and HSBC should be "jointly and severally liable" to pay a portion of the costs of a failed case brought by Dick Smith's receivers against the company's former directors because the banks stood to gain financially if the lawsuit was successful, the NSW Supreme Court has heard.
A judge has awarded $43 million to National Australia Bank in its lawsuit against former directors of failed retailer Dick Smith, but threw out claims against company directors brought by HSBC and the retailer's receivers.
A judge has criticised two units of global finance firm TP ICAP Group for "unnecessary and over technical interlocutory skirmishes" as they seek damages from two employees who jumped ship to a competitor and allegedly tried to poach staff.
Allianz and a number of other insurers of Dick Smith are now facing a class action over the extent of coverage under an insurance policy for the collapsed electronics retailer's initial public offering.
A judge has dismissed failed winemaker David James latest bid to overturn a $14 million guarantor judgment against him and in favour of ANZ, saying much of his sworn evidence was “manufactured” and “obviously tailored to suit his case”.
Failed winemaker David James has launched a fresh bid to overturn a $14 million judgment for ANZ against him, telling a court he is still pursuing the bank after six years because the dispute has "taken his life's work".
The Federal Court has approved a scheme of arrangement which will see investors take a 70 per cent stake in troubled fund manager Angas Securities, receiving a possible $52.2 million in shares and other assets.