Mayfair Class Action 2021 LATEST UPDATES
TABLE OF CONTENTS
We have been approached by a large number of Mayfair investors with an interest in securing as much of their note value as possible through legal means.
The number of noteholders that contact us continues to grow as the public consciousness of Mayfair’s alleged conduct develops.
Our teams’ investigations, active since May 2020, have given us much cause to be positive about:
- our ability to bring a successful legal proceeding on your behalf;
- our prospects of securing litigation funding to conduct a class action on your behalf; and importantly,
- our ability to recover part or all of your loss.
We will write to you further with confirmation of funding arrangements once they are available.
Current Court Cases
Over the course of 2020, we have closely followed the legal demise of Mayfair, including by way of following the below Federal Court of Australia and Supreme Court of Victoria proceedings:
- ASIC v Mayfair Wealth Partners Pty Ltd ACN 168 878 779 | VVD228/2020 (‘Mayfair Wealth Partners’);
- ASIC v M101 Nominees Pty Ltd Pty Ltd & Ors | VVD524/2020 (‘M101 Nominees’); and,
- In the matter of IPO Wealth Holdings No 2 Pty Ltd (ACN 620 610 157) & Ors | SEC 2020/02284 (‘IPO Wealth’).
We now provide you with a basic update on each matter.
Mayfair Wealth Partners – the operating entity which undertook marketing on behalf of the entire Mayfair 101 Group
On 10 December 2020, the Federal Court made several orders:
- That the parties were to attend a mediation in January 2021. This order was subsequently cancelled as James Mawhinney could not secure representation;
- The matter be set down for a hearing on 15 February for 3 days; and,
- Administrative orders for the exchange of evidence, submissions and legal authorities between the parties.
The parties are also to attend Court again on 8 February 2021 for a case management hearing, which will essentially be to ensure that the case is ready for hearing on 15 February 2021.
M101 Nominees Pty Ltd – the fund-raising entity for the M Core Notes
These proceedings concern the security trustee of the funds you invested in, and accordingly, are the proceedings of greatest direct relevance to you.
The most recent orders in this matter are administrative in nature and set a timetable for the parties to exchange evidence and submissions ahead of the hearing, which has yet to be set down.
IPO Wealth is another Mayfair fund which has failed.
On 6 November 2020, the Supreme Court of Victoria ordered the winding up of 17 entities associated with the IPO Wealth Scheme as well as providing findings that may prove useful in any future class action proceedings on behalf of investors.
Whilst in some places, that judgment is legally and factually complex, it provides us with clear findings in relation to misconduct by Mayfair and its associated entities. If you wish to view the judgment, it is publicly available and we have linked it here – http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VSC/2020/733.html.
In due course we anticipate finding evidence of transfers from Mayfair’s fixed income funds, where you invested your money, to IPO Wealth.