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It has been described as the darkest chapter in Victoria's legal history, an exemplar of all that is terrible with class actions in Australia. A case of greedy lawyers who found their golden egg in a group of retirees who had lost their life savings, never thinking the chickens might come home to roost. Until now.
Dick Smith's former CFO will appeal a $43 million judgment in favour of National Australia Bank over his role in the retailer's collapse.
Westpac wants Forum Finance founder Bill Papas held in contempt of court, but the bank has hit a snag in serving its motion on the missing Papas, saying he dropped his lawyers without telling them the address of his current residence in Greece.
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.