A SYDNEY barrister's victory in a margin-loan case has been overturned on appeal, after three Federal Court judges ruled that banks which lend for stockmarket investment have wide rights when prices fall.
The appeal bench held unanimously that Macquarie Bank's standard margin loan agreement gave it discretion to reduce the time for its clients to meet margin calls from three days to one
And now this aspect has probably been thrown into the mix. All very complex.
http://www.theage.com.au/business/a...o-banks-over-margin-loans-20110118-19v92.html
Appeal win gives hope to banks over margin loans
This provision, which reflects part of the Trade Practices Act which applies to businesses generally, has been a feature of other lawsuits prompted by the global financial crisis. It was used unsuccessfully by aggrieved clients of the failed Lift Capital Partners in a recent case cited as a precedent by the three appeal judges this week.
It also forms part of the claim filed last month by the ASIC on behalf of clients of Storm Financial, although this case also relies on a related provision, not considered in Mr Goodridge's appeal, which prohibits a lender exploiting a borrower's ''special disadvantage''.
Agreed Judd, it is all very complex......
Corporate regulator to defend 'just terms'
ASIC's right to sue on behalf of investors will be tested in the High Court next week
Does anyone have any inkling of any Criminal Charges pending against any of the major players in this saga.
I do know that the DPP have an interest but are waiting for more to pan out.
There has to be some criminality for so many people to lose everything in a scam of this magnitude.
gg
GG,
I have wondered about this as well. I remember there were some reports suggesting that criminal charges may be laid after the Worrells Inquiry.
Maybe there is more to come. I wonder what has been uncovered during discovery for the Civil case.
I believe there are interesting times ahead.
FAILED childcare tycoon Eddy Groves is due to face court today on a criminal charge relating to the collapse of ABC Learning.
Mr Groves, who founded Australia's biggest childcare chain and managed it as the global chief executive, and former director Martin Vincent Kemp, who ran the Australian operations, are both listed to appear in Brisbane Magistrates Court this morning. They are expected to be charged with commonwealth criminal offences, arising from an Australian Securities & Investments Commission investigation.
It is anticipated that both men will be charged under Section 184 of the Corporations Act 2001. Offences under the act carry a maximum jail term of five years.
The Australian understands that Mr Groves will be charged with one offence, and Mr Kemp will be charged with three.
Mr Groves is expected to be charged under subsection 1 of Section 184, which states that a director or other officer of a corporation commits an offence if they are "reckless or are intentionally dishonest and fail to exercise their powers and discharge their duties in good faith in the best interests of the corporation or for a proper purpose".
For Sale
7 Bedrooms, 5 Bathrooms, 4 Ensuites, Swimming Pool and Helipad
http://www.realestate.com.au/107076744
CBA, BOQ or MQG for a loan mate? Looks nice. Lady P would enjoy the balcony.
It's good to move every now and then. Everyone should do it.
gg
In the Eye of the Storm
THE COLLAPSE OF STORM FINANCIAL
Solly, it might be good to explain before we click on the link that to actually read the story we will have to subscribe to "The Monthly".
Storm lawsuits may be heard together
A Federal Court judge will consider whether it is desirable to hear all legal actions against banks over managed investment schemes run by Storm Financial in the same court.
ASIC on path of least resistance as it chases up cash for investors
TONY D'ALOISIO would be well pleased with his handiwork this week
Storm chaser becomes more confident
A LAWYER representing dozens of Storm Financial investors has rejected suggestions that a failed court case touted as a saviour for investors has any bearing on ongoing legal action.
Storm couple downsize to $1m home
STORM Financial founders Emmanuel and Julie Cassimatis are downgrading, but not as most know it after buying for nearly $1 million a house close to the mansion they have recently listed for sale.
Read more by Mitch Gaynor @ couriermail.com.au
http://www.couriermail.com.au/ipad/storm-couple-downsize-to-1m-home/story-fn6ck2gb-1226002379244
Schadenfreude, Und mehr zum zu kommen.
gg
GG,
Did you get an invite to the housewarming ?
Just wondering what a suitable welcome to the neighbourhood gift would be..
S
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