An Australian investment firm called Remi Capital that collapsed owing $124 million may have been insolvent since its launch in 2018 and had no income generating assets, according to a report to creditors, despite promising “mum and dad” investors big returns. Administrators from Jirsch Sutherland are considering an insolvent trading claim and have been in communications with ASIC regarding funding for investigations. They are also considering litigation funding.
Car giant Toyota is appealing an Australian class action ruling that could see more than 260,000 consumers receive damages totalling an eye-watering $2 billion. The Federal Court ruled against Toyota in a landmark judgment in April. Toyota will be challenging the “factual and legal basis for the award of damages. Commenced in 2019 with the backing of Balance Legal Capital, the class action centres on faulty diesel particulate filters used in the affected vehicles.
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