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A litigation funder has taken aim at a landmark judgment in an appeal of a ruling that found its funding arrangement with group members in a class action against Queensland energy suppliers was a managed investment scheme.
A judge has thrown out a lawsuit that argued the funding for a class action against two Queensland energy generators didn't comply with new regulations targeting litigation funders, and said a landmark judgment that held class action funding agreements were managed investment schemes was conceptually incoherent and ripe for a Full Court challenge.
A Federal Court judge has taken a swipe at new regulations that require class action funding arrangements to be registered as managed investment schemes, saying it was difficult to reconcile the new rules with the class action regime.
The High Court has denied a special leave application by the former directors of defunct financial advisory Storm Financial, after the Full Federal Court upheld a ruling finding they had breached their duties to eleven vulnerable investors by providing an inappropriate, one-size-fits-all model of investment advice.
The former directors of defunct financial advisory firm Storm Financial have failed in their appeal of a ruling that found they breached their duties to eleven vulnerable investors by providing a one-size-fits-all model of investment advice that was inappropriate.