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A $78 million class action against National Australia Bank and Walton Construction seeking compensation for sub-contractors after the company's collapse has halted as lawyers scramble to comply with the managed investment scheme requirements for funded class actions implemented by the Morrison government.
A judge has issued a stern warning to litigation funders seeking to take a “gamble” on pending court proceedings, ruling they could be held liable for costs if their intervention proves critical to the advancement of the case.
A Forum Finance director is unable to file a defence against Westpac’s $400 million fraud case because his former solicitor has refused to hand over case files to his new lawyers until he pays a “remarkable” $300,000 legal bill, a court has heard.
The NSW Police have commenced an investigation into Forum Finance and director Bill Papas, which have been accused by Westpac, French investment bank Societe Generale and Japanese bank SMBC of a $400 million fraud.
Approximately 1,000 investors of collapsed stockbroker Halifax Investment Services have challenged a court decision concerning the date of the realisation of their investments which decreased the amounts they could recoup from the company's liquidation.
Eight major banks, including Credit Suisse, Deutsche Bank and Citicorp, are facing a lawsuit for withdrawing financial support for a project to build and launch the first independently owned satellite in Australia.
Shareholders of the collapsed Babcock & Brown have failed in their challenge to a ruling tossing their cases for damages for disclosure breaches during the global financial crisis, with an appeals court finding the investors had not shown the breaches caused any loss.
Liquidators for Forum Finance have won court approval to sell a $1.2 million Mangusta luxury yacht as well as 12 properties owned by various companies within the Forum Group.
A judge has blasted an ex-Linchpin director’s delay in appealing a five-year disqualification ordered by ASIC and threatened to dismiss the appeal after he failed to comply with court orders.
Herbert Smith Freehills this week escaped a cross-claim that its advice made it liable for the alleged losses of Arrium's lenders, but the judge who tossed the claim along with the banks' cases expressed doubts about one of the law firm's key arguments, a warning to other firms caught up in litigation as so-called concurrent wrongdoers.