Date: 15/9/2008
Author: Anthony Klan
Source: The Australian --- Page: 27
The Australian Securities & Investments Commission (ASIC) has drawn renewedcriticism from consumer advocate Denise Brailey. She had in the past beeninstrumental in alerting the watchdog and other agencies as well as investors tothe risky practices of several property finance providers, and was the mainwhistleblower on the mortgage brokers scandal in Western Australia. Braileyswitched from her career in property to her advocate function with the RealEstate Consumer Association, and in that role also often levelled attacks atASIC for perceived inadequacies. In mid-2008 she applied for a position withASIC as a $A70,000-per-annum investigator, but neither of her two referees werecontacted by the employer. These were executive director of litigation fundinggroup IMF (Australia), Hugh McLernon, and Perth-based firm SolomonLawyers's partner, Doug Solomon
Date: 10/9/2008
Author: Anthony Klan
Source: The Australian --- Page: 3
IMF (Australia) described an offer to repay Firepower investors as"laughable" on 9 September 2008. IMF said a pledge byRomanian-Australian businessman, Frank Timis, to repay investors $A40 millionlost through the Firepower collapse was likely to amount to nothing. TheAustralian litigation funding giant is preparing to launch a class actionagainst Firepower associates
Date: 2/9/2008
Author: Stuart Wilson
Source: The Australian --- Page: 21
Investors are the winners in the out-of-court settlement deal reached with pokermachine manufacturer Aristocrat Leisure. Some 4,000 stockholders brought a classaction, bankrolled by IMF (Australia), against the company, and will share in apayment of $A144m. They had claimed to have been misled about Aristocrat'ssales, and Australian corporations must now be extra careful to comply withtheir disclosure obligations. Similar law suits, likely involving IMF but alsolaw firms Maurice Blackburn and Slater & Gordon, are certain to arise afterthe good outcome. However, there will not be the same volume of stockholderlegal actions as seen in the US, as in Australia costs can be awarded againstthem if they lose
Date: 29/8/2008
Author: Alex Boxsell
Source: The Australian Financial Review --- Page: 52
The resolution of a number of cases has lifted the profit of litigation funder,IMF Australia. It has posted a net profit after tax of $A17.2 million for2007-08, a rise of 188 per cent. The company is involved in two major classactions together with law firm, Maurice Blackburn, in August 2008