Two former executives of defunct electronics retailer Dick Smith have asked the High Court to hear their challenge to a $11.8 million damages award for approving a dividend payment the company could not afford.
An appeals court has found that two former executives of collapsed electronics retailer Dick Smith should pay the company’s receivers $11.8 million in damages for approving a dividend payment the company could not afford.
The former CEO of failed electronics retailer Dick Smith should be held responsible for approving two dividend payments worth $28.5 million which the company could not afford to pay given it owed millions in unpaid bank loans and supplier debts, an appeals court has heard.
Insurance broker JLT Risk Solutions has opposed an application by a group of NSW councils to add misleading and deceptive conduct allegations to a long-running class action, claiming the changes would force the vacation of a five-week trial due to start in October.
A judge has awarded $43 million to National Australia Bank in its lawsuit against former directors of failed retailer Dick Smith, but threw out claims against company directors brought by HSBC and the retailer’s receivers.
Federal Court Justice Michael Lee is set to go out in the field on a nationwide tour to personally inspect the military bases and surrounding properties at the heart of three class actions against the Commonwealth of Australia over land contamination from allegedly toxic firefighting foam.
Former Dick Smith executives Nick Abboud and Michael Potts have pointed the finger at the defunct electronics retailer’s other directors in response to cross claims by auditor Deloitte, which is named in two shareholder class actions over the company’s collapse.
A judge has criticised two units of global finance firm TP ICAP Group for “unnecessary and over technical interlocutory skirmishes” as they seek damages from two employees who jumped ship to a competitor and allegedly tried to poach staff.
Two former executives of Dick Smith may seek to vacate an upcoming trial date for two class actions against the failed retailer, after recently being hit with cross claims by the company’s former auditor, Deloitte.
Allianz and a number of other insurers of Dick Smith are now facing a class action over the extent of coverage under an insurance policy for the collapsed electronics retailer’s initial public offering.