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A solicitor running two franchisee class actions against 7-Eleven “retaliated” against a group member who objected to a $98 million settlement and issued a late $6.5 million legal bill to benefit a litigation funder, a court has heard.
A $98 million settlement reached in two franchisee class actions against 7-Eleven is “appropriate" given the likelihood that the convenience store giant would have lost at trial, according to a contradictor who urged the court to reject a $25 million cut sought by the funder that backed the litigation.
Litigation funder Galactic should receive a $15 million commission for its work on two franchisee class actions against convenience store giant 7-Eleven, instead of the $25 million it has asked for, a court has heard.
The contradictor appointed to represent group members in an application for approval of a $98 million settlement of two franchisee class actions against 7-Eleven has raised "grave concerns" about criticism by the senior partner of the law firm running the proceedings.
Westpac has yet to commence extradition proceedings against Forum Finance director Bill Papas due to concerns that the alleged fraudster may face only contempt charges if he is brought back to Australia prematurely.
Evidence of anxiety felt by 7-Eleven franchisees leading class actions against the convenience store giant was relevant to whether the funder could earn a $25 million commission from the proceeds of a settlement, a court has heard.
Forum Finance director Vince Tesoriero has lost a battle to stop receivers from selling luxury properties in which he and Bill Papas hold a stake pending the outcome of Westpac's fraud case against him.
Forum Finance director Vince Tesoriero has raised concerns about the validity of the sale of a $4 million home in Sydney inner-West suburb Rozelle where company founder Bill Papas and his girlfriend lived, but a judge has indicated any attempt to block the sale would be "hopeless".
Forum Finance director Bill Papas’ cousin has hit back at Westpac’s allegations he wrongfully received $720,000 from the alleged fraudster in violation of freezing orders made in the bank’s lawsuit, which seeks to recoup $294 million paid into an alleged fraudulent scheme.
Forum Group's liquidators are seeking to wind up an entity owned by founder Bill Papas that received over $2.6 in "loans" from the alleged fraudster, as they work to recoup almost $400 million allegedly defrauded from three banks.