A $500m lawsuit over the misuse of an offshore account has been settled by a judge, but many Australians are still waiting for the outcome of the case.
The judge ruled in favour of the plaintiff, who is seeking damages of $500,000 for fraud, breach of trust and negligence, the Australian Financial Review reported on Thursday.
“The defendant’s conduct did not reflect the confidence and good faith that has been exhibited in this matter and I accept the defendant’s explanation that the plaintiff’s account was not maintained,” the judge said in the ruling.
“I accept the plaintiff has made reasonable efforts to contact Mr Gossman and that he has provided a satisfactory explanation of the nature of the account and the actions undertaken by the defendant to maintain it.”
Mr Gossmann, a former director of the Commonwealth Bank of Australia, is accused of misleading the Australian Securities and Investments Commission and a number of federal and state regulators.
The Australian Securities Trading Commission is investigating.
The case has attracted attention because of its complexity and complexity of its details.
The plaintiff, Peter Smith, is seeking compensation of $1.1 billion from Mr Gosters lawyers for the loss of profits, and for the cost of litigation.
He is also seeking a declaration that the accused is a person in Australia, not a resident of the country, and that his account was kept for purposes of business purposes.
The case was brought by Mr Smith in 2015, when he was a bank director in Queensland, and was brought on behalf of himself and Mr Gann, a partner at the law firm Croydon law firm.
Mr Gann is accused in the case of setting up a fake offshore account in 2011.
The account had an address in the Bahamas, and Mr Smith said he was unaware of the details of the accounts before opening it.
The bank was fined $1 million and ordered to pay $1m in legal costs.
The court heard the case had been filed against Mr Gertson, who had resigned from the bank in December 2016.
The lawyer has maintained the bank had nothing to do with the opening of the fake account.
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