Millinium sues four for losses and damage
Millinium Capital Managers has filed court proceedings against four defendants for breach of contract and consumer law which it says led to losses and damages.
According to a filing on the Australian Securities Exchange (ASX), Millinium sued Soma Group Limited, Logic Fund Management Limited, Gregory Phillipe Marshall and Paul Chamberlain.
Millinium alleged the conduct of the defendants contravened section 18 of the Australian Consumer Law (Schedule 2 to the Competition and Consumer Act 2010), section 1041E of the Corporations Act 2001 and/or section 1041H of the Act.
It also alleged Soma and Marshall breached the terms of a contract with Millinium.
The firm was now seeking compensation and/or damages with respect to its loss and damage it suffered as a result of the defendants’ alleged actions.
Earlier this year, the firm made a claim for $2.4 million against a former adviser of the Millinium Alternative Fund for misconduct.
AUTHOR
Laura Dew
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
