http://www.smh.com.au/business/judge-gives-green-light-to-mfs-cla...

http://www.smh.com.au/business/judge-gives-green-light-to-mfs-class-action-20111214-1ouxf.html

Judge gives green light to MFS class action

Elisabeth Sexton
December 15, 2011.


"AN INVESTOR class action against the accounting firm KPMG and former directors and executives of the failed MFS property investment group received belated good news yesterday when a Federal Court judge said he would allow a two-year-old compensation suit to proceed.

Justice Nye Perram said the case, in which he has previously rejected two attempts to file long statements of claim, had ''a tortured procedural history''. Earlier this year Justice Perram said if the plaintiffs filed a fresh pleading of 50 pages or less he would consider whether it could go to trial.

Yesterday he allowed the new claim to proceed after rejecting complaints by KPMG and the individual defendants, including the former managing director of MFS, Michael King." Continues

and later states...
"Justice Perram will allow a negligence claim against KPMG, which audited the fund's compliance with the plan required under its registration as a managed investment scheme. He will also allow a claim of breach of the compliance auditor's duty as defined in the Corporations Act.

The class action will also sue former directors and executives of MFS, which changed its name to Octaviar Ltd in 2009, and of the responsible entity for the fund.

Allegations against the individuals include failing to prevent unsecured loans by the fund to related parties which they should have known were not authorised."ends
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sorry if you have covered this already...
i am still playing catchup.