Australian Funding Partners goes into administration after $11.7m fine

Australian Funding Partners (AFPL) has declared bankruptcy and gone into administration after being fined $11.7 million. AFPL was the funder behind the Banksia Securities class in which an Australian Supreme Court judge found that AFPL, as well as five lawyers, engaged in “egregious conduct in connection with a fraudulent scheme” whereby they intended to claim over $19 million in legal costs and funding commission from the Banksia settlement.

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Funder and lawyers ordered to pay over $11 million for “egregious conduct”

An Australian court has found that the litigation funder and lawyers involved in the Banksia class action engaged in egregious conduct in a scheme intended to claim more than $19 million in purported legal costs and funding commissions from the class action settlement, and they have been ordered to pay damages of over $11 million.

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