ASIC has agreed to amend the statement of claim in its case against the founders of failed advisory group Storm Financial.
In an update on its actions against Emanuel and Julie Cassimatis, the corporate regulator said proceedings returned to court last month to hear the Cassimatises application against ASIC.
“The proceeding returned to court for the hearing of an application, brought by the Cassimatises, to strike out all or part of ASIC’s statement of claim, being the document that sets out ASIC claims against the Cassimatises in the proceeding,” the regulator said.
“ASIC opposed the Cassimatises’ application. However, [Justice Reeves] suggested that certain amendments should be made to parts of the statement of claim that were not the subject of the Cassimatises’ application.”
In response to the order, ASIC said amendments could be made to the statement of claim, a move it said would “accommodate both his Honour’s suggestions and the majority of the objections raised by the Cassimatises in their application”.
“The outcome of the hearing was that various orders were made by the court, the primary order being that ASIC file and serve by the close of business on 13 July 2011 a notice of motion seeking leave to further amend its statement of claim,” it said.
The proceeding was adjourned to a further directions hearing to be held on 1 August.
On this date, ASIC’s application for leave to further amend its statement of claim will be considered by the court.
On 21 December 2010, ASIC began legal action in the Federal Court of Australia against the Cassimatises.
ASIC alleged the Cassimaties breached their duties as directors under Australia’s corporate law.
Storm Financial closed its doors in January 2009.
