Westpoint founder Norm Carey withdraws proceedings against ASIC

Jonathan ChancellorDec 11, 2011

ASIC has settled an action brought by Westpoint founder Norm Carey.

In an action that commenced in October 2008, Carey had claimed unspecified damages from ASIC for alleged misfeasance in public office and negligence, arising from ASIC’s decisions in late 2005 to start winding-up proceedings against two Westpoint mezzanine finance companies.

As a result of the settlement, Carey’s action has been dismissed.

Carey has unreservedly withdrawn all allegations made against ASIC and its officers in connection with ASIC’s dealing with the Westpoint Group companies.

Carey and companies associated with him have agreed to pay $75,000 towards ASIC’s legal costs in defending the claim.

Carey continues legal proceedings against the Westpoint legal advisers.

 

 

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.