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Trial in Mayfair 101 case vacated as ASIC expands misrepresentation claims
ASIC 2020-09-09 1:50 pm By Christine Caulfield Melbourne
The trial scheduled for this month in ASIC's case against the Mayfair 101 group has been pushed off as the regulator adds claims that the troubled investment firm misled investors and director James Mawhinney briefs lawyers to represent his companies.
GetSwift relocation bid heightens class action concerns, law firm says
ASIC 2020-09-08 1:55 pm By Miklos Bolza Sydney
A recent announcement by logistics tech provider GetSwift that it will be relocating to Canada has heightened concerns by the lawyers running a shareholder class action against the company that it might not be able to meet any orders for compensation to group members.
COVID-19 concerns put ASIC’s Rio Tinto trial at risk
Allen & Overy 2020-09-08 12:20 pm By Miklos Bolza Sydney
A seven-week trial in ASIC's misleading conduct case against Rio Tinto may have to be postponed after two executives of the mining giant raised concerns that COVID-19 could impact their ability to appear as defendants in the case.
IOOF unit can’t stop ASIC from using royal commission evidence
ANZ 2020-09-07 6:37 pm By Miklos Bolza Sydney
An IOOF subsidiary sued over "bad advice" has failed in its bid to stop ASIC from using documents from the banking royal commission as evidence in the case, with a judge saying the company had already provided the material to the financial watchdog without objection.
Court bars Mayfair’s Mawhinney from talking to investors ahead of wind up battle
Altus Lawyers 2020-09-07 5:02 pm By Miklos Bolza Sydney
Mayfair director James Mawhinney has been blocked from talking to investors ahead of a hearing on an application to wind up the IPO Wealth fund, after a judge raised concerns about investors being "misled and coerced" by the investment hotshot.
ASIC takes Dixon Advisory to court over alleged conflicts of interest
ASIC 2020-09-04 12:58 pm By Miklos Bolza Sydney
The corporate regulator has launched enforcement action against Dixon Advisory & Superannuation Services, accusing the financial services company of having conflicts of interest and providing inappropriate advice to clients.
Judge slams Mayfair director’s misleading comments to investors
ASIC 2020-09-03 5:05 pm By Miklos Bolza Sydney
A judge has criticised "inflammatory" and misleading comments Mayfair 101's director made to investors regarding attempts to wind up firms associated with the IPO Wealth investment scheme.
Mayfair 101’s Mawhinney accuses ASIC of misleading the court in ex-parte hearing
ASIC 2020-09-02 3:03 pm By Alison Eveleigh Sydney
A self-represented James Mawhinney, the director of troubled Mayfair 101 director, has accused ASIC in court of misleading the judge in an ex-parte application brought in August that saw provisional liquidators appointed to the investment firm and Mawhinney banned from transferring assets out of Australia.
$1.4B MLC acquisition puts IOOF on the hook for class actions, ASIC case
ASIC 2020-08-31 9:59 pm By Miklos Bolza Sydney
Financial services giant IOOF Holdings will be on the hook for any judgments or settlements reached in two class actions and an ASIC lawsuit as part of its $1.4 billion acquisition of NAB wealth management unit MLC.
ASIC takes Linchpin Capital directors to court over mismanaged investment funds
ASIC 2020-08-27 9:28 pm By Christine Caulfield Melbourne
The Australian Securities and Investments Commission has brought legal proceedings against four directors of Linchpin Capital Group, the latest action over the financial services firm that allegedly funnelled $11 million of investor funds into unauthorized business and personal loans.