find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
ASIC to pay legal costs in One-Tel debacle

ASIC to pay legal costs in One-Tel debacle

ONE-TEL founder Jodee Rich and the company’s former finance director Mark Silbermann have been awarded costs in a landmark win over the corporate regulator.

The NSW Supreme Court had dismissed the Australian Securities and Investments Commission’s case against the pair.

In court today, Justice Robert Austin ordered ASIC pay both men their legal costs from the proceedings. Both have requested lump sums, plus interest, be paid to them.

The NSW Supreme Court had said earlier this month that ASIC had failed to prove any aspect of its allegations, which claimed Rich and Silbermann had failed to meet their duty of care in the months leading to the former company’s collapse in 2001.

The amount the pair will receive and the way the sum is to be calculated remains undecided.

As reported by The Australian newspaper today, defence counsel, David Williams SC, told reporters outside the court that he could not talk about the size of the costs, but Rich has earlier indicated they were around the $15 million mark.

The Court’s Justice Austin, said its cost assessment procedure was not suited to cover a large litigation case in which cost would reach “some millions of dollars”.

ASIC’s barrister, Philip Durack SC, indicated that his client had no objection to paying costs on a so-called “party-party” basis, which typically involves a court official or lawyer chosen from a court panel assessing reasonable costs.

Meanwhile, barrister Williams said his clients want the sum to determined by mediation or, failing that, for Justice Austin to determine a lump sum.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

ASIC to pay legal costs in One-Tel debacle
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...