14 Jun 2010

Allied Farmers awarded $6m in court ruling

6:58 pm on 14 June 2010

Allied Farmers has been awarded $6 million after a United States court ruling over a long-running dispute with property developer Mark Cooper.

Mr Cooper's company, Pacific Northstar Property Group, borrowed about $20 million from Hanover to build luxury condominiums in Beverly Hills, California.

The loans were transferred to Allied Farmers when it bought Hanover and United Finance's loan books late last year.

Allied Farmers managing director Rob Alloway says Allied is planning to make several more claims, which could result in payment of $13.5 million.