SEAS Sapfor victims to be compensated $80 million moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.
Switzer Daily
The walls of the Melbourne headquarters of
Equity Trustees (EQT) are adorned with the portraits of former
prime ministers, premiers and governors-general who have served on the board of
the stately 133 year old institution.
The roll call of dignitaries includes 19
th century
premier Sir Charles Sladen, prime ministers Stanley Bruce and Robert Menzies
and former governor general Ninian Stephen.
In Marc,h former Abbott/Turnbull era Cabinet minister Kelly
O’Dwyer joined the board, filling a seat vacated by former Victorian premier
and Hawthorn Football Club president Jeff Kennett. (Kennett’s great
grandfather, Edward Fanning was a director for 30 years from 1888 to 1917).
IOOF subsidiary loses appeal 05 February 2021
The wealth giant could cough up millions of dollars in compensation following a failed appeal by subsidiary Australian Executor Trustees in a matter dating back to 2012.
The Court of Appeal dismissed Australian Executor Trustees’ (AET) appeal against the decision made by the Supreme Court of NSW on 26 September 2019 and ordered AET to pay the respondents’ costs of the appeal. Courts ruled in favour of a group of retirees who lost investments in a forestry scheme the company ran in the 1980s, with the covenant holders expected to be awarded around $80 million compensation plus costs.
The failed appeal could see IOOF cough up $16.5 million, net of insurance proceeds, including interest and excluding costs. AET’s corporate trust business was sold to Sargon Capital for $51 million in 2018 but the agreement indemnified Sargon for any liability relating to legal action.
Advisers in difficult position with bring-forward measure delay smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.