Maddocks

The receiver for failed Banksia Securities wants a release from claims stemming from his role, including a case by investors who lost their life savings only to be duped by the class action team that represented them.

Arnold Bloch Leibler and a litigation partner at the law firm are among defendants named in a new case for their representation of the mastermind behind the scandal-ridden Banksia Securities class action.

ASIC has won travel bans against two people who are being investigated over their links to Keystone and Falcon Capital funds, which are suspected of misusing investor money, after the regulator claimed losses could be “catastrophic”. 

Mercedes-Benz dealers have lost their appeal of a decision tossing their $650 million suit, with the Full Court backing the primary judge’s rejection of a "moralistic" approach to unconscionable conduct.

A judge has given the greenlight to a $10 million settlement with entities linked to late solicitor and Banksia class action mastermind Mark Elliott, noting the “perverse” difficulty of recovering more of the $70 million in assets held on trust.

Entities linked to the late solicitor Mark Elliott are set to pay $10 million to settle claims by Banksia class action members, despite a related company owning $70 million on trust, a court has heard. 

NAB has agreed to pay a $15.5 million penalty for failing to respond to customer hardship notices, around half the size of the penalty ASIC is seeking against Westpac for similar breaches of the Credit Code. 

The Valuer-General of Victoria has won a High Court appeal against developer WSTI Properties over a $2.9 million valuation for a heritage property in Melbourne, which centred on the meaning of an “improvement” to the land. 

The receiver appointed a decade ago to claw back money for investors in failed Banksia Securities might seek the protection of a court order releasing him from proposed new proceedings, which would also target lawyers alleged to have breached their overarching obligations.

A court has extended freezing orders over the assets of two men suspected of connections to two Keystone funds, which ASIC has expressed "grave concerns" about.