Wealth giant Insignia Financial has argued it was under no obligation to disclose “appalling” misconduct to investors who are running a class action over losses dating back to 2015.
Nicholas Owens, SC, representing Insignia, told the Federal Court last week the principal cause of the share price fall was “sensationalist” reporting by The Sydney Morning Herald in June 2015 about alleged staff insider trading.
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Michael Pelly is the legal editor, based in our Sydney newsroom. He has been a senior adviser to federal and state attorneys-general and written two books, one a biography of former High Court Chief Justice Murray Gleeson. Email Michael at michael.pelly@afr.com
