Westpac had claimed that their client, a Greek machinery manufacturer, A. Giamouridis P.C., had received $12.6 million obtained fraudulently from the bank by Bill Papas, and that the client was required to pay that money back to the bank under the rule in Black v S Freedman & Company (1910) 12 CLR 105. However, in defending the claim they submitted that all of the funds were used to pay for machines that were ordered, and that their client was wholly innocent of any knowledge of breach of trust by Mr Papas and his companies. Part way through a three week hearing, the case against Giamouridis settled today, 10 February 2023, with the bank’s claim dismissed, and Giamouridis not paying any money to the bank.