The corporate regulator has largely won a landmark case against Melbourne businessman Bill Lewski, former federal health minister Michael Wooldridge and other directors of failed property group Prime Trust, with the High Court ruling the men had breached their duties as directors.

The Australian Securities and Investments Commission (ASIC) was successful on two out of three grounds of its appeal of a 2016 decision by the Full Court of the Federal Court to quash the disqualification orders against Mr Lewski, Dr Wooldridge and two other Prime directors.

The corporate regulator has largely won a landmark case against former federal health minister Michael Wooldridge and others. Credit:Luis Ascui

Retirement village owner Prime Trust, once worth nearly $600 million, collapsed in 2010, wiping out the savings of about 8000 investors.

ASIC originally won its Federal Court case against Mr Lewski, Dr Wooldridge and the other directors after they were found not to have acted in shareholders' best interests when approving a $33 million payment to Mr Lewski.