A settlement with directors in an investor class action brought over the collapse of advisory firm Linchpin Capital is in the interests of group members, a judge has said.
The applicant in an investor class action over the collapse of advisory firm Linchpin Capital and Endeavour Securities has raised concerns about the authenticity of Linchpin’s business records, which it wants to put into evidence at trial in two months.
A judge overseeing an investor class action over the collapse of advisory firm Linchpin Capital has questioned whether he has to “effectively second guess” a law firm’s advice given to group members about a partial settlement.
A judge has refused American International Group’s bid to withdraw an admission that directors of defunct advisory firm Linchpin Capital were covered under a D&O policy in an investor class action that has settled against everyone but the insurer.
The Australian Securities and Investments Commission has won its case against four Linchpin Capital directors after a judge found they duped their clients into lining the directors’ pockets and benefitting the parent company.
An investor class action has reached a settlement with four former directors of defunct Linchpin Capital, leaving only allegations against AIG Insurance, which is allegedly seeking to withdraw an admission that directors were insured under a D&O policy.
A judge has allowed four ex-Linchpin directors facing possible fines by ASIC to put off filing evidence or amended defences in an investor class action after they claimed it would put them at risk of penalty in the corporate regulator’s proceedings.
Former Linchpin Capital director Peter Eugene Daly has come up short in his second bid to stay his appeal of a ruling that banned him from providing financial services for five years in light of separate proceedings brought by ASIC.
A judge has criticised the liquidators of collapsed financial group Linchpin Capital after they failed to inform the court whether they intend to defend class action proceedings or if default judgment should be made against the company.
A judge has given the liquidators of Linchpin Capital a final chance to defend a shareholder class action before judgment is made against the collapsed financial services group and one of its subsidiaries.