A judge has flagged the possibility of referring lawyers acting for Alvarez & Marsal to the legal watchdog after hearing the consultant’s costs of complying with preliminary discovery orders won by Ernst & Young could top $500,000.
A class action against Blue Sky Alternative Investments won’t seek to transfer the case to contingency fee-friendly Victoria despite a High Court ruling that put the kibosh on solicitors’ common fund orders.
EY may seek damages against rival consulting firm Alvarez & Marsal after it won preliminary discovery to pursue possible claims over a mass departure of partners and staff from its international tax practice.
A former EY partner accused of promoting a tax loss scheme has hit back at the ATO’s case on the first day of trial, saying he gave objective advice and the case is an overreach.
A judge has expressed worries that a class action against EY and collapsed Blue Sky Alternative Investments is “drifting” amid concerns from the defendants about “indulgent” discovery and potentially “significant” pleading changes.
Likening its position to the “Goldilocks zone”, EY has secured documents from rival Alvarez & Marsal as it weighs potential litigation over the mass departure of partners and staff from its international tax practice.
The funder of a failed class action against the founder of sandalwood producer Quintis and EY and has been hit with costs, despite arguing the order would set a bad precedent.
A former EY partner who is in court over an alleged tax exploitation scheme has been banned for five years by the Tax Practitioner’s Board, which claims he engaged in “serious, deliberate and dishonest” misconduct.
Mills Oakley has hired two new partners for its financial services and national property teams.
On the first day of trial in the Tax Office’s case against a former EY partner accused of marketing a tax loss access scheme and pocketing $700,000 in the process, the court heard former clients were assured the scheme was “risky but not illegal”.