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‘What are solicitors doing writing press releases?’ Tolga Kumova trial judge asks
Trials 2022-07-07 4:05 pm By Cindy Cameronne

A judge has questioned why solicitors representing Twitter personality Stock Swami published a media release about his “backstory” two days before trial in a defamation case brought by mining investor Tolga Kumova.

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Funder drops ‘uneconomic’ GST class actions after High Court snubs special leave bid
Class Actions 2022-07-05 4:05 pm By Cat Fredenburgh

A judge has signed off on the discontinuance of two class actions against Canberra property developers for allegedly misleading investors about GST on their apartments, after the High Court declined to review a ruling that made the cases “uneconomic” for the funder to pursue.

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Judge approves $4.7M Quintis class action settlement
Class Actions 2022-07-01 10:37 pm By Cat Fredenburgh

A judge has signed off on a $4.7 million settlement in two investor class actions against collapsed sandalwood producer Quintis, two year after an earlier settlement was scuttled as group members kicked off an insurance dispute in pursuit of a better return.

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‘I want complete transparency’: Forum Finance director faces grilling for legal funds
Restructuring & Insolvency 2022-07-01 1:28 pm By Sam Matthews

A judge has told Forum Finance director Vince Tesoriero to “revisit” evidence about his true financial position if he wants to win the release of $1.25 million to pay for his defence in Westpac’s fraud case against him, amid concerns about whether he has made full disclosure to the court.

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Virgin ordered to hand over insurance details in shareholder class action
Class Actions 2022-06-29 11:12 pm By Cat Fredenburgh

Virgin Australia has been ordered to disclose whether its insurer has agreed to indemnify it for any liability it may have in a shareholder class action over a prospectus for a $324 million capital raising just months before it filed for administration.

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ASIC triumphs in appeal against payday lenders Cigno, BHF
Appeals 2022-06-28 11:36 am By Sam Matthews

ASIC has won an appeal of a judge’s decision that found Gold Coast-based payday lenders Cigno and BHF did not need a licence to issue loans to hundreds of thousands of consumers.

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Law firm scolded by judge for ‘highly unsatisfactory’ social media post in Kumova trial
Trials 2022-06-23 9:53 pm By Cindy Cameronne

A judge has pulled up a law firm over a tweet it published about defamation proceedings brought by investor Tolga Kumova, telling a barrister during the trial Thursday to counsel his instructing solicitors about the “highly unsatisfactory” social media post.

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Investor Tolga Kumova admits to $4.8B valuation error in defamation row
Defamation 2022-06-23 1:44 pm By Cindy Cameronne

Former Young Rich Lister Tolga Kumova has admitted to publishing an inaccurate tweet about the value of a mineral resource owned by a zinc producer of which he was a director, agreeing at trial in his defamation case that he was off by $4.8 billion.

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Albanese government welcomes class action funder’s defeat of MIS regulation
Class Actions 2022-06-17 10:48 pm By Christine Caulfield

The federal government said Friday it would consider the implications of an appeals court’s finding that the managed investment scheme structure was unsuited to class actions, a ruling it said was a victory for ordinary Australians and a vindication for Labor.

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RIP MIS: Funders, lawyers hail end of ‘ill-fitting’ regime for class actions
Class Actions 2022-06-16 11:46 pm By Christine Caulfield

The ruling by the Full Federal Court that funded class actions are not managed investment schemes marks the end of an ill-considered regime enacted by the Morrison government to rein in class actions, but the debate over regulation of litigation funders is not over yet.

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