Paying for what you get or backing a roughie?

Call Outsider an old cynic and he will not disagree but news that the Federal Court had delivered a judgement upholding the appeals of the defendants in the so-called Prime Trust case makes this old journo feel vindicated.

You see, part of the Australian Securities and Investments Commission’s (ASIC’s) case for pursuing an industry funding model was its ability to fund litigation and Outsider reckons that represents going down an extremely slippery slope littered with rapacious lawyers.

ASIC has spent hundreds of thousands of dollars pursuing the Prime Trust case and seems not to have won anything approaching a victory so Outsider questions whether planners should be asked to fund such projects.

Outsider doesn’t mind a flutter, but he has been following ASIC’s legal form for some time and regards it as a long-odds “roughie”.




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