Business Services Industry
Westpac settles case with US tycoon.
Australasian Business Intelligence, February, 2007
Byline: Susannah Moran
Feb 22, 2007 (The Australian - ABIX via COMTEX) -- US oil tycoon Earl Slick's $A20m case against Australia's Westpac Banking and Quadrant Capital has been settled. The compromise was negotiated a short time after new documents were received by Slick's lawyers relating to Quadrant's involvement in the Barrington Wine Company, an investment in which Slick lost $A18.5m. Slick's barrister, Justin Gleeson, told the Federal Court of Australia the documents should have been submitted years earlier and that Westpac should pay costs for the case irrespective of the outcome. Slick had accused Quadrant of providing sales forecasts it knew to be unsustainable, with Gleeson noting that the new documents supported the case. It was disclosed in court...
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