Federal Court Overturns Decision Against Prime Trust Directors
We note that, on 14 July 2016, the Federal Court issued its appeal judgment and reversed the earlier judgments of Justice Murphy in 2013 and 2014. The Court found against ASIC and in favour of the Prime Trust directors who have been ruled not to have contravened the Corporations Act. Accordingly, the various disqualification orders and financial penalties against the directors as previously determined by Justice Murphy have been set aside. The attached press articles provide further information, and we intend to distribute an update to all investors in the near future.