Approximately 1,000 investors of collapsed stockbroker Halifax Investment Services have challenged a court decision concerning the date of the realisation of their investments which decreased the amounts they could recoup from the company’s liquidation.
Eight major banks, including Credit Suisse, Deutsche Bank and Citicorp, are facing a lawsuit for withdrawing financial support for a project to build and launch the first independently owned satellite in Australia.
Shareholders of the collapsed Babcock & Brown have failed in their challenge to a ruling tossing their cases for damages for disclosure breaches during the global financial crisis, with an appeals court finding the investors had not shown the breaches caused any loss.
Liquidators for Forum Finance have won court approval to sell a $1.2 million Mangusta luxury yacht as well as 12 properties owned by various companies within the Forum Group.
A judge has blasted an ex-Linchpin director’s delay in appealing a five-year disqualification ordered by ASIC and threatened to dismiss the appeal after he failed to comply with court orders.
Herbert Smith Freehills this week escaped a cross-claim that its advice made it liable for the alleged losses of Arrium’s lenders, but the judge who tossed the claim along with the banks’ cases expressed doubts about one of the law firm’s key arguments, a warning to other firms caught up in litigation as so-called concurrent wrongdoers.
Sydney retail personality Con Constantine has lost an appeal seeking to bolster a $4.25 million judgment in his favour over the $81.8 million Parklea Markets sale in 2016.
The former auditors of stockbroker Halifax Investment Services, whose 2008 collapse left around $200 million in client funds trapped, have been hit with $50,000 in fines for auditing breaches that resulted in the company continuing to trade while being prima facie insolvent.
A judge has dismissed two cases brought by the Commonwealth Bank, Westpac and other lenders against directors of the failed steel giant Arrium, saying he was not satisfied the directors’ representations on loan drawdown notices were false or that the company was insolvent when it went into voluntary administration in April 2016.
Three Clive Palmer-owned companies have filed a breach of trust lawsuit against HWL Ebsworth, funder Vannin Capital and the liquidators of Queensland Nickel attempting to recoup $102 million transferred after the billionaire suffered a courtroom defeat earlier this year.