Deloitte may seek confidentiality orders over the amount it agreed to pay to settle a shareholder class action over its audits of collapsed construction group Hastie.
Trial in a protracted class action against Deloitte over the collapse of construction group Hastie has been abandoned, signalling a settlement is in the works.
A judge has grilled the former general counsel of defunct logistics company GetSwift about why he did not confront the company’s directors for “bullying” other executives when they raised concerns about alleged continuous disclosure breaches.
A $1.5 million class action settlement against failed logistics provider GetSwift, which a judge termed a “disaster”, has been revised down to $1 million and may face a liquidators’ challenge that could see a group members recover nothing.
Liquidators of failed tech company GetSwift have foreshadowed an objection to a $1.5 million settlement going to shareholders in a class action that a judge has labelled a “disaster”.
A judge overseeing a shareholder class action against the now failed GetSwift has urged the applicant to decide soon if he will forge ahead with a problematic settlement, seek summary judgment or wait to see what comes of the parent company’s bankruptcy case.
A judge overseeing a shareholder class action against GetSwift has said the settlement and company itself have “collapsed” after the logistics business went into liquidation and failed to make the last of the upfront payments due under the deal’s $1.5 million cash component.
ASIC has called for a $15 million penalty against GetSwift and 12-year bans against its directors, who moved the logistics company overseas as the regulator’s enforcement action was on foot, a move the court on Tuesday said was “unprecedented”.
Logistics company GetSwift and its directors have dropped their challenge to a judgment that found the company breached its continuous disclosure obligations with its “PR-driven” approach to ASX statements.
Advice from non-lawyers and “routed” through a legal practitioner at multidisciplinary partnership PricewaterhouseCoopers cannot be shielded under legal professional privilege, the Federal Court has found.