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The High Court has found that three asset-based lenders behaved unconscionably when they enforced thir rights under a $1.2 million loan made to a vulnerable consumer secured by a mortgage over his properties.
Singapore-based telecommunications giant Singtel, which owns Optus, has launched a copyright lawsuit seeking discovery from a former vice-president who jumped ship to Telstra.
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 judge has vacated a scheduled mediation in ASIC's misleading and deceptive conduct case against three companies in the beleaguered Mayfair Group after they failed to procure legal representation despite assurances that lawyers would be engaged promptly.
A class action has been filed against the trustee and responsible entity of the Mayfair Group's IPO Wealth Fund, which was wound up in September after $86 million of investor funds were lost.
James Mawhinney, director of the besieged Mayfair Group, has lost his bid to slow down two proceedings filed by ASIC which he claims will have a "catastrophic" effect on his business, staff and investors.
The director of the besieged Mayfair investment group will submit a new noteholder proposal to the court in an effort to stave off the winding up of M101 Nominees and salvage his multi-million dollar Dunk Island and Mission Beach investments.
The director of the beleaguered Mayfair investment group, who has been self-represented in winding up proceedings by ASIC, has now entered into a late stage retainer with law firm Ashurst, with his barrister saying he could no longer manage the case on his own after the regulator filed a lengthy affidavit.
A judge has ordered 17 companies connected to Mayfair's "failed" IPO Wealth Fund to be wound up after finding the fund's director put investor money at risk through "highly speculative" investments to make a windfall for himself.
Companies associated with Mayfair's IPO Wealth Fund should be wound up because they contained assets "artificially inflated" in value and ran what was effectively a Ponzi scheme, the Victoria Supreme Court has heard.