A company backed by private equity giant TPG which was allegedly fooled into paying part of a $1 billion deal to the wrong company wants default judgment in a case against the accused scammer, but a judge has raised doubts about attempts to serve the lawsuit.
A class action of bond holders accusing Virgin Australia of failing to disclose its true financial position in a 2019 prospectus for a capital raising wants a contentious indemnity clause in the airline’s DOCA narrowed, in proceedings a judge has said “increasingly resemble a farce”.
Racing NSW has won access to documents that concern an alleged plan by its Victorian counterpart to exclude it from the thoroughbred racing industry as part of an alleged anti-competitive agreement with four other states.
Bank of Queensland has been called out by two regulators over its compliance with anti-money laundering and counter-terrorism financing laws and its risk management practices.
A private investment fund has won its claim as a secured creditor over $2 million in research and development tax refunds that a court previously found should go to employees in a fight over funds remaining following the collapse of fintech Spitfire Corporation.
Boutique litigation firm Banton Group has hired Laura Keily and Ryan McCrosson as name partners, as as the firm eyes expansion into the US, UK and Cayman markets.
A judge who eviscerated a prior bid by a law firm and funder to take home 60 per cent of a $5 million class action settlement with Tyro has allowed them to net half of the proceeds, questioning whether some of the costs amounted to a “complete breach” of legal professional duties.
Trial in a protracted class action against Deloitte over the collapse of construction group Hastie has been abandoned, signalling a settlement is in the works.
A lawsuit by the liquidators of Sargon Capital alleges law firm King & Wood Mallesons “refused or neglected” a demand to return over $540,000 in alleged unfair preference payments and should have known the fintech was insolvent when the payments were made.
Crown Resorts has reached agreement with AUSTRAC to pay a $450 million penalty for the casino operator’s serious breaches of the anti-money laundering and counter-terrorism financing laws.
For information on rights and reprints, contact subscriptions@lawyerly.com.au
