Wall St rallies as all three major indices close higher. ASX futures are 0.64pc higher. Oil futures climb. ASX closes at 14.10pm today. Follow the latest here.
Self-styled sharemarket enforcer Alan Davison has succeeded in a court application to amend his defence to a defamation claim launched against him by mining and stockmarket entrepreneur Tolga Kumova.
Justice Michael Lee’s decision sets the scene for a bitter courtroom battle that will take both from a Twitter spat to the witness box of the NSW Federal Court over allegations Mr Kumova engaged in insider trading, misled the market, and provided inside information aboutMr Kumova is seeking general and aggravated damages from Mr Davison, claiming he engaged in an ongoing campaign and failed to publish an apology or retraction once informed of factual errors in the matters complained of in June...
At Wednesday’s hearing Justice Michael Lee allowed Mr Davison, better known by his Twitter profile Stock Swami, to amend his defence subject to certain qualifications, with formal filing required by 4pm on Christmas Eve. During an hour-long hearing dominated by legal arguments over both social media celebrities’ prodigious Twitter feeds, Sue Chrysanthou, SC, for Mr Kumova, labelled the claims in Mr Davison’s amended defence as “hopeless” and repeatedly complained that allowing its reporting by the media would unfairly “pour a bucket of water” over the reputation of Mr Kumova.
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