In a dramatic turn of events, former Melbourne barrister Norman O'Bryan has been charged with fraud over his involvement in the Banksia Securities class action. Once celebrated as a leading figure in Australian law, O'Bryan now faces serious allegations related to deceptive practices that allegedly defrauded claimants, many of whom were retirees, of millions of dollars.
The charges stem from his role in the class action following the collapse of Banksia Securities Limited. O'Bryan is accused of attempting to secure financial advantages through deceit, with the allegations focusing on fraudulent billing practices that took place between 2016 and 2017. This case has captivated public attention due to O'Bryan's distinguished legal background and the substantial financial stakes involved.
O'Bryan, who was removed from the bar roll in 2021, was found to have charged excessive fees in the class action, conducted alongside the late lawyer Mark Elliott. The case, intended to help over 15,000 investors recover losses from the 2012 collapse, ultimately resolved for $64 million. However, $20 million of that sum was allocated to legal fees and commissions for the lawyers involved, including O'Bryan and Elliott, as well as their class action funder.
The Supreme Court, under Justice John Dixon, reviewed the case and concluded that O'Bryan, Elliott, and associated entities should return $11.4 million in legal fees to the class action members, along with an additional $10 million in compensation. O'Bryan's recent attempt to overturn these findings was unsuccessful, intensifying scrutiny on his actions.
As the former barrister prepares to appear in Melbourne Magistrates’ Court later this month, the legal community and public await further developments. Known for his formidable advocacy skills and past successes, including his work with the royal commission into HIH Insurance, O'Bryan’s case represents one of the most significant and troubling instances of alleged legal misconduct in recent years.
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