Banksia fallout claims another legal scalp

The fallout from the attempt to strip Banksia Security investors of nearly $20 million from a $64 million legal settlement continues, with a ‘post-box solicitor’ suspended until July 2024. The scheme to recover excessive legal fees from the class action settlement was described by Justice Dixon as one of the ‘‘darkest chapters’’ in the Australian state’s legal history last October when he ordered $11.7 million in compensation be paid to Banksia’s receivers, which would ultimately be distributed to debenture holders.

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