A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.
The brother of Liberal Senator and former resources minister Matt Canavan can investigate potential claims against Glencore in his long running legal spat over the Rolleston coal mine, after a court greenlit his bid for the appointment of special purpose liquidators.
Virgin Australia is facing a shareholder class action investigation over representations made in a 2019 prospectus for a capital raising to fund its $700 million acquisition of the Velocity loyalty program, issued six months before the airline filed for administration.
Insurance Australia Group has denied it owes Greensill Bank $48.5 million under a trade credit policy issued by its agent BCC, saying the underwriter was not authorised to enter into the policy.
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.
In a boost to securities class actions, the High Court has ruled that directors of collapsed companies can be subjected to public examination by shareholders wanting to bring civil proceedings.
A case before the High Court could have major implications for company directors, giving shareholders in class actions the power to drag them before court for public examination.
The law firms and barristers who defended former Dick Smith directors in sprawling litigation over the failure of the electronics retailer earned close to $68 million in fees, a court has heard.
Forum Finance director Vince Tesoriero has lost a battle to stop receivers from selling luxury properties in which he and Bill Papas hold a stake pending the outcome of Westpac’s fraud case against him.
Forum Finance director Vince Tesoriero has raised concerns about the validity of the sale of a $4 million home in Sydney inner-West suburb Rozelle where company founder Bill Papas and his girlfriend lived, but a judge has indicated any attempt to block the sale would be “hopeless”.