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Law firm Moray & Agnew has reached an agreement with insurer Arch Underwriting in its case seeking coverage of part of a $3.7 million settlement with Melbourne property developer Harry Stamoulis.
Although the settlement sum has not been disclosed, court documents in the Opal Tower class action reveal the litigation funder backing the case will seek $13.2 million in commission when the parties appear before the court later this year.
An appeals court has questioned the financial forecasting that underpinned a $13 million award of damages to a former client of Maddocks in a suit over negligent legal advice that allegedly led to a botched sale and administration.
Appealing a $13 million damages judgment for negligent advice to a former client that allegedly led to a botched sale and administration, law firm Maddocks told a court Monday the business had “miniscule” chances of surviving even if the sale had been successful.
The litigation funder backing two combustible cladding class actions has sold a third of its investment in the cases to a player in the nascent secondary market for class action financing.
A long-running class action over the Opal Tower disaster has settled, along with two related cases over the defective building, as a five-week trial was set to begin.
Moray & Agnew is facing a lawsuit by a former client who says the firm breached its duties by making an unauthorised $3.3 million transfer while representing him on an investment in a Melbourne storage facility development.
The structural engineer behind Sydney's Opal Tower has taken builder Icon's insurers to court, arguing they should cover its costs in a class action brought on behalf of residents of the ill-fated building and related litigation.
Lloyd's has won access to letters between Moray & Agnew and an insurer to test its claims that a $3.7 million settlement the law firm agreed to over the sale of apartments at a $105 million South Yarra complex developed by millionaire Harry Stamoulis was excessive and made to protect the firm's reputation.
A Lloyd's syndicate has hit back at a lawsuit by Moray & Agnew, saying it did not have to cover part of a $3.7 million settlement between the law firm and a Melbourne property developer because the amount agreed to was "excessive".