The trustee of Mayfair Group’s collapsed IPO Wealth Fund has denied claims in a class action that it misled investors who lost $86 million when the fund was wound up, and says it is fully indemnified for the class action’s claims under an agreement with the fund.
A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.
Law firm Herbert Smith Freehills has attacked a lawsuit brought by a group of lenders against collapsed steel giant Arrium, rejecting claims that $430 million in loans was borrowed under misleading or deceptive representations.
An opt out notice proposed to be given to group members in an underpayment class action against a unit of labour hire firm Tandem has been criticised by a judge as skewed to details of their exposure to cross-claims by the company.
The former group treasurer of collapsed steel giant Arrium has hit back at claims brought by the company’s liquidators that it was trading while insolvent, arguing the case had been ‘infected’ by evidence from an expert who was also a plaintiff in the case.
Doomed iron and steel giant Arrium attempted to stave off its inevitable $2.8 billion collapse and put off negotiating with its lenders until the last minute despite warnings from its legal and financial advisors, liquidators for the company told the court.
A financial adviser at the centre of ASIC’s bad advice case against an IOOF unit might mount an argument that a fair trial is not possible because of his “fulsome” answers to investigators during a compulsory examination.
Directors of steel producer Arrium continued to borrow money from “vulnerable” lenders in the months prior to the company’s $2.8 billion collapse and “bled cash” despite the inevitable end, a number of lenders have said on the first day of a 40-day trial in the NSW Supreme Court.
ASIC’s warning about the futility of mediation with an IOOF subsidiary has proved prophetic, with talks last week failing to resolve the regulator’s case ahead of trial starting Monday.
IT giant Hewlett-Packard Australia has lost its appeal of a judgment requiring it to cough up $370,000 in unpaid commissions to a former sales executive after a court found the company was not entitled to retrospectively cap her incentive payments ‘at whim’.