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Alex Elliott, the son of former Banksia Securities class action lawyer Mark Elliott, must hand over documents revealing his financial interests in his father’s litigation funding company and law firm, after the judge overseeing professional misconduct claims against lawyers in the class action rejected his claims that the discovery was a fishing expedition.
Ernst & Young is facing a claim for $12 million damages in a lawsuit over its auditing of collapsed soda ash maker Penrice.
Recent changes in the Australian regulation of third-party funders will have a dramatic effect on the funding of certain disputes. Although these changes were accompanied by Government and industry commentary that they would not affect litigation funding for insolvency-related claims, this may not be the case for all insolvency funding arrangements, writes Lina Kolomoitseva of funder Litigation Capital Management.
The judge overseeing professional misconduct claims against lawyers in the Banksia class action has denied Alex Elliott’s request to stay the case against him while he takes his recusal application to the Court of Appeal, branding the stay ‘an indulgence’.
The trial scheduled for this month in ASIC's case against the Mayfair 101 group has been pushed off as the regulator adds claims that the troubled investment firm misled investors and director James Mawhinney briefs lawyers to represent his companies.
Mayfair director James Mawhinney has been blocked from talking to investors ahead of a hearing on an application to wind up the IPO Wealth fund, after a judge raised concerns about investors being "misled and coerced" by the investment hotshot.
Virgin Australia has been ordered to return four jet engines to the United States, after a court found the embattled airline and its administrators failed to properly hand over the engines and other equipment to their owners.
The receivers for funds manager Equititrust, who are suing the name partners of law firm Tucker & Cowen, have failed in their bid to have further security for costs paid in the form of deeds of indemnity, despite telling the court that funder Vannin might withdraw its support for the litigation.
A judge has criticised "inflammatory" and misleading comments Mayfair 101's director made to investors regarding attempts to wind up firms associated with the IPO Wealth investment scheme.
A self-represented James Mawhinney, the director of troubled Mayfair 101 director, has accused ASIC in court of misleading the judge in an ex-parte application brought in August that saw provisional liquidators appointed to the investment firm and Mawhinney banned from transferring assets out of Australia.