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Mayfair 101 director James Mawhinney has sought a temporary stay of ASIC’s case accusing him of being in contempt of court for allegedly breaching a 20-year ban on selling financial products.
An appeals court challenge by a group of small businesses seeking coverage under business interruption insurance policies for losses flowing from COVID-19 restrictions has largely failed.
The Australian Securities and Investments Commission has lost an interim injunction bid against the director of investment firm Mayfair 101 in its case seeking a contempt finding, despite arguing there was a substantial risk of harm to consumers.
Insurers have largely succeeded in challenging COVID-19 business interruption losses claimed by a group of small businesses, in an important second test case that could save the industry billions of dollars.
The Australian Securities and Investments Commission says beleaguered investment group Mayfair 101 should pay a $12 million penalty after a judge found the company misled investors about its financial products.
The founder of embattled investment group Mayfair 101, James Mawhinney, has said he received legal advice approving the company’s advertising of financial products that a court has found misled investors.
The founder of embattled investment group Mayfair 101, James Mawhinney, will argue that he should not be ordered to pay any penalty after the company was found to have misled investors about its financial products.
Insurance giant QBE Insurance Australia has launched a COVID-19 business interruption test case in the Federal Court, following a landmark loss for insurers in the NSW Court of Appeal that could cost them $10 billion.
A judge has appointed provisional liquidators to investment firm Mayfair 101 and has banned director James Mawhinney from transferring any assets out of Australia, after the corporate regulator told the court Mawhinney could face criminal charges.
Mayfair 101 has agreed to cease using the brand name Mayfair Platinum to settle a trade mark dispute brought by ASX-listed fund manager Platinum Asset Management.