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The embattled founder of Mayfair 101 investment group has denied allegations that its $80 million IPO Wealth fund is a failed Ponzi scheme as he fights the appointment of a provisional liquidator to the fund.
Mark Elliott’s bank records sought in Banksia class action fee dispute
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A contradictor investigating alleged professional misconduct on the part of the legal team and funder behind a class action against failed Banksia Securities will subpoena the bank records of deceased class action lawyer and funder Mark Elliott and associated companies. Meanwhile, the barrister for the lead applicant has returned her brief on the eve of trial, on the advice of the bar ethics committee.
ASIC won’t bring action against Retail Food Group despite report of ‘particularly unjust’ conduct
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Gloria Jeans’ owner Retail Food Group has avoided enforcement action by the Australian Securities and Investments Commission after an investigation sparked by last year’s damning parliamentary report into the franchise sector.
Opal Tower apartment owners file lawsuit against NSW Government
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Owners of units in Sydney’s Opal Tower have filed a lawsuit against the NSW Government and builder Icon after allegedly discovering more than 500 additional defects in the troubled building.
Crippled by COVID-19, swimwear brand Seafolly enters administration
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Citing the “crippling financial impact” of the coronavirus pandemic, Australian swimwear company Seafolly has become the latest fashion retailer to enter voluntary administration.
Court tosses appeal over botched $1.4B Babcock & Brown acquisition
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A private investment fund has failed again in its bid for damages from collapsed global advisory firm Babcock & Brown over a botched $1.4B acquisition of a US-based laundry equipment provider.
Sequenom’s ‘incorporeal’ prenatal genetic test unpatentable, Ariosa tells Full Court
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Ariosa Diagnostics is fighting to revoke a patent for noninvasive prenatal test owned by Sequenom, arguing it merely describes how to extract “incorporeal” genetic information that is naturally found within the DNA of an unborn foetus.
Judge scolds law firms behind competing Boral class actions
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A judge has scolded the law firms behind competing shareholder class actions against Boral for delaying progress of the proceedings, but may wait until the High Court’s ruling on the AMP class action beauty parade before deciding which of three potential class actions should move forward.
Brexit, COVID-19 no reason to alter security terms in Gladstone Ports class action, judge says
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A judge has rejected claims by Gladstone Ports Corporation that security for costs in a $100 million class action by commercial fishing operators should not be paid through a London-based insurer because of the impact of Brexit and COVID-19.
Janssen files lawsuit to block generic version of HIV drug
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Drug maker Janssen has fired off a lawsuit against Juno Pharmaceuticals for allegedly threatening to infringe a patent for its HIV drug Prezista with a generic version of the drug, one year after fending off generic competition from a different drug maker.