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Thorn Group is the latest lender ensnared in an alleged $400 million fraud by Forum Finance, with potential funds of up to $2.2 million tied up in the collapsed equipment leasing firm.
A judge has questioned the legal disbursements sought to be approved in a $30 million class action settlement against Westpac over allegedly excessive life insurance premiums, particularly the "extraordinarily large" barrister fees charged in the case.
The director of the Forum Group companies accused of a $360 million fraud involving at least three major banks can't return to Australia from Greece because he has COVID-19, his lawyer has told the Federal Court.
ASIC’s case accusing Westpac of insider trading before the $16 billion privatisation of electricity provider Ausgrid should be heard “as quickly as the court can deal with it”, a judge has said.
Japanese bankng giant SMBC has emerged as the latest lender with exposure to an alleged fraud carried out by Sydney-based Forum Finance, with proceedings filed seeking recovery of almost $99 million it says it paid to a unit of Forum Group and controversial director Bill Papas.
A senior partner at Jones Day and member of the advisory committee to the Australian Law Reform Commission has been appointed Westpac’s new group general counsel.
The Federal Court has ordered the winding up of Forum Finance, which has been accused by Westpac and French investment bank Societe Generale of a $263 million fraud, as details of the company's jetsetting director's planned return to Australia from Europe remain murky.
Westpac and French investment bank Societe Generale have obtained freezing orders over $263 million in assets in fraud cases brought against a Sydney software firm and its director, with a court hearing that other financial institutions may also be at risk from the alleged fraud.
Westpac has shot back at a lawsuit brought by ASIC over the selling of alleged poor value insurance products, with the bank saying its customers had agreed to take out the "optional" coverage.
A Victoria Supreme Court judge weighing for the first time an application by a law firm for a percentage cut of recoveries in class actions has been told to reject the bid because group members would fare better under the firm's current no win, no fee funding arrangement.