A judge has hit Dyldam Developments’ former boss Sam Fayad and his two sons with costs after ordering them to pay $50 million in a case by the liquidator of a special purpose vehicle, but awarded costs to payment intermediaries for the liquidator’s “manifestly weak” case against them.
The corporate regulator should not be immune from the risk of special costs for actions doomed to fail, says a judge who flayed ASIC last month for bringing a case against TerraCom directors it should have known was a dud.
Food giant Goodman Fielder has secured a $10.5 million judgment in a case against a former employee.
Dyldam Developments’ former boss Sam Fayad and his two sons have been ordered to pay over $50 million in a case by the liquidator of a special purpose vehicle claiming company funds were misused.
Private equity firm Goldstone has cited an “irretrievable breakdown” in the relationship between shareholders in seeking to appeal a ruling that found it liable for oppression.
A private equity fund is challenging a ruling that it acted in an “oppressive” and “unfairly prejudicial” way towards its managing director, who a judge found was invalidly sacked for standing in the way of a deal with her business partner’s son.
The corporate regulator has appealed a Federal Court decision that rejected part of its case against HCF Life Insurance over a pre-existing condition term in its policies that was found to be misleading but not unfair.
A judge has said ASIC should have known that its case against four TerraCom directors over statements made to investors had no prospects of success, calling one of its submissions “unworthy of the corporations regulator”.
ASIC has told a court that a PwC report into allegations of inaccurate coal pricing found that 12 “inconsistent” invoices issued by TerraCom resulted in a $1.15 million benefit to the company, contrary to the company’s claim that the audit found no wrongdoing.
Medical device maker Exactech will pay $8.7 million to end a class action that alleges its joint replacement implants were defective.