Westpoint founder withdraws ASIC action
The former founder of Westpoint, Norm Carey and companies associated with him, have had to pay around $75,000 in costs following a failed legal challenge against the Australian Securities and Investments Commission (ASIC).
The regulator confirmed on Friday that it had settled an action brought by Carey and the companies.
That action had commenced in October 2008 when Carey claimed unspecified damages from ASIC for alleged misfeasance in public office and negligence arising from the regulator's decisions in late 2005 to start winding-up proceedings against two Westpoint mezzanine finance companies.
ASIC said that as a result of the settlement, Carey's action had been dismissed, with Carey unreservedly withdrawing all allegations made against ASIC and its offices in connection with the regulator's dealing with the Westpoint Group companies.
It said Carey and companies associated with him had agreed to pay $75,000 towards ASIC's legal costs in defending the claim.
AUTHOR
Mike Taylor
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