Aussie Home Loans boss ordered to pay back damages to Sydney law firm

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Aussie Home Loans founder John Symond has been ordered to pay back $1.5 million in damages to a Sydney law firm after he sued them over advice that got him into tax trouble. Mr Symond was awarded more than $4.9 million in October 2013 after the NSW Supreme Court found Gadens Lawyers Sydney was negligent and acted in breach of contract when it gave him advice on how to restructure his business.

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The back-and-forth continued until 1998 (and in the process established case law in admiralty court) when Thompson and his companies were finally awarded 92.5 percent of the treasure. But the legal avalanche, compounded by Thompson’s protracted divorce and the death of his father, put the future of the companies in jeopardy.

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