Lawyer heading 2011 floods class action criticises opponents

REPRESENTING more than 6000 victims in one of Australia’s biggest ever class actions, this lawyer has the State Government in her sights - and her latest criticism doesn’t miss.

LEGAL BLAST

The legal eagle running one of Australia’s biggest ever class actions has heaped some withering criticism on her government-owned opponents.

Maurice Blackburn operative Rebecca Gilsenan is representing more than 6000 victims of the devastating 2011 floods in their claim against Seqwater, Sunwater and the state of Queensland.

In an update to her clients this week, Gilsenan said no further mediation or settlement talks were planned as the case nears its conclusion in court seven years after the disaster.

She savaged the other side for making “a disappointing and derisory settlement offer’’ during a second round of mediation.

Maurice Blackburn’s Rebecca Gilsenan has blasted the State Government and other parties to a 2011 floods class action. File picture

The defendants appear to be acting as if they are not at all at risk of having to pay very substantial sums of compensation,’’ Gilsenan wrote.

“This does not seem to be realistic or rational, particularly for Government-owned corporations who are responsible for delivering a public service.’’

Ouch!

Gilsenan has noted previously that the case, which your diarist is involved with, has already cost $52 million, could see a damages pay out in the hundreds of millions of dollars if the claimants emerge triumphant.

Hearings resume in late November for closing submissions.

DEEP PROBE

The corporate cop is having a very close look at embattled oil and gas industry wannabe LWP Technologies and now we know what they’re picking apart.

LWP Chairman Dan Lanskey told beleaguered shareholders last month that ASIC had launched an investigation into the loss-making Brisbane firm in January.

He said the board had “co-operated fully” with ASIC and the ASX as it examines dealings prior to June 30, 2017.

Normally we don’t know what tight-lipped ASIC boffins are up to behind closed doors but agency top gun Warren Day provided some telling details recently during a hearing in Canberra.

In a probe of ASIC’s effectiveness by the Parliamentary Joint Committee on Corporations and Financial Services, Day said his team was looking at a raft of allegations related to LWP joint ventures and new technologies.

“From the sort of information that’s been provided to us at the moment, the allegations surround things such as insider trading, undisclosed related party transactions, manipulation of the share price, financial reporting irregularities and misleading statements, certainly regarding research and development claims,’’ Day said.

LWP has failed to commercialise its fracking technology since floating 12 years ago and Lanskey has now concluded that it’s “economically not viable in the foreseeable future’’.

Regardless, Lanskey says he is still on the hunt for “new business opportunities’’ and new capital as he continues to restructure the firm.

That’s despite auditors warning of a “material uncertainty’’ hanging over LWP’s prospects of survival as huge losses keep mounting, just $220,603 sits in the bank and the stock remains in a year-long suspension.