Morningstar/Rich edge towards court
Thelong-standing legal dispute between Morningstar and its previous managing director Graham Rich may stall despite a court order for Morningstar to file a defence by September 20.
Morningstar’s Australian office has no information regarding the defence, and Rich says he’ll believe it when he sees it.
“Morningstar have been masters at finding every reason to climb back under the rock. I have become accepting of the fact that they are reluctant to deal with issues that don’t go their way and will protract beyond the date,” says Rich.
In August, the NSW Supreme Court ordered Morningstar to file a defence by the September 20 deadline after Rich filed a claim against the research group in April.
Rich has made four main allegations against Morningstar in his claim including breach of contract, breach of fiduciary duty and oppression, failure to meet capital raising obligations, as well as unfair dismissal.
Morningstar corporate affairs manager Christine Winter says the matter is being handled by the group’s US office and she has no knowledge of what will be contained in the defence.
Rich was dismissed as managing director of Morningstar Australia in November 2001 after selling his FPG Research to Morningstar in 1999.
The matter is scheduled to appear before the court on September 27.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
