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Much of the criticism of the ligitaion funding industry being played out in the media recently is based on misinformation, says Andrew Saker of Omni Bridgeway.
ASIC takes action against Societe Generale for lax handling of client money
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ASIC has slapped an Australian unit of French investment bank Société Générale with additional licence conditions for failing to comply with its obligations for handling client money over a near four-year period.
Judge won’t recuse himself from patent case against Globaltech, Boart Longyear
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A judge has rejected calls by mining tool company Globaltech and driller Boart Longyear to disqualify himself from hearing a patent infringement case against them, despite ruling in an earlier proceeding that the patent was valid and that Globaltech had infringed it.
Class actions not broken, don’t need fixing, inquiry told
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The class action system is working well, and reform that limits access to the regime should be carefully considered, the latest government inquiry has been told by a chorus of experts, including lawyers, academics and Australia’s competition cop. Still, some defence firms say recent moves cracking down on class actions don’t go far enough.
Westpac could face more AUSTRAC claims as child exploitation scandal deepens
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Westpac is facing the possibility of more claims in proceedings brought by AUSTRAC over anti-money laundering breaches, with the regulator seeking information on 272 customers who may have been involved in the exploitation of children.
Ex-Rockmans GM sues Noni B for ‘retrospective termination’
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The former general manager of women’s fashion retailer Rockmans is suing parent company Noni B, claiming he was not given any notice before being sacked in April this year.
Litigation funder wins access to docs in parking patent dispute against City of Melbourne
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The funder backing a patent lawsuit by tech firm Vehicle Management Systems over an invention used by the City of Melbourne to time parked vehicles has been granted extended access to discovered documents in the proceedings.
Former Beem It boss drops lawsuit against payments fintech, CBA
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The former CEO of Beem It has discontinued her legal claims against the payments fintech co-owner, Commonwealth Bank of Australia, only days after naming the bank in her lawsuit alleging workplace breaches.
Judge appoints receiver, not liquidator to hotel to avoid COVID-19 misunderstanding
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To avoid a creditor panic in the midst of the COVID-19 health crisis, the NSW Supreme Court has appointed a receiver instead of a liquidator to a rural hotel that is the centre of a deadlocked shareholder dispute over more than $2.7 million.
Not enough liquidators to respond to a wave of COVID-19 insolvencies, ASIC warns
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There may not be enough registered liquidators in Australia to respond to a possible wave of COVID-19 insolvencies, the Australian Securities and Investment Commission has warned.