The litigation funding company controlled by the late solicitor Mark Elliott has told a court of its “remorse and regret” for its misconduct in the Banksia Securities class action, a case that has been described as the “darkest chapter in Victoria’s legal history”.
The son of Banksia class action funder Mark Elliott was no Michael Corleone of the Godfather, and was not knowingly complicit in an alleged scheme masterminded by his father to defraud group members and destroy evidence, his lawyer has told a court.
Barrister Norman O’Bryan SC has failed in his last-ditch bid to reopen his defence in the Banksia class action to submit evidence he says shows he did not retain an interest in the litigation funder behind the case.
The judge overseeing the trial alleging fraud on the part of barristers and the funder behind a class action over Banksia Securities will be asked to award at least $32 million to the failed property lender’s 16,000 debenture holders for the serious misconduct alleged against the lawyers.
More than half of the $37.75 million settlement reached in a shareholder class action against aged care provider Estia Health will be left for distribution to group members if the settlement is approved at an upcoming hearing.
A $37.75 million settlement has been reached in a shareholder class action against Estia Health that accused the aged care provider of failing to disclose difficulties in its 2015 and 2016 acquisition strategy.
The Full Federal Court has tossed an appeal by Treasury Wine Estates claiming that Maurice Blackburn and barrister Guy Donnellan breached their obligations in preparing the pleadings in a current shareholder class action against the global winemaker.
Online retailer Kogan has been hit with a $350,000 penalty for misleading customers during its 2018 TAXTIME promotion by offering discounts on products whose prices had been inflated, far short of the $2 million penalty sought by the Australian Competition and Consumer Commission.
Treasury Wine Estates has accused plaintiffs law firm Maurice Blackburn and barrister Guy Donnellan of “taking advantage” of their privileged position by using evidence discovered in a settled class action to file a second case against the wine maker.
The Australian Competition and Consumer Commission is seeking $2 million in penalties against Kogan, after a judge found statements the online retailer made during a 2018 promotion were misleading and drew consumers into the company’s “marketing web”.