In a boost to shareholder class actions, the High Court has dismissed an application by engineering services firm Worley to appeal a finding that companies should disclose to the market forecasts that ought reasonably to have been held.
A judge weighing a $29.5 million settlement in a class action against recycling company Sims Limited has questioned the court’s power to vary the funding agreement between the applicant and funder, which seeks to pass on its insurance costs to group members as well as recoup costs and earn a commission.
A landmark class action on behalf of over 1,700 family members and deceased estates of the Northern Territory Stolen Generations has reached a $50.45 million settlement with the federal government.
A shareholder class action against Ernst & Young over its alleged inflation of assets owned by sandalwood producer Quintis has argued the accounting firm should be allowed only one expert witness, who should collaborate with a competing expert chosen by the investors.
The funder and law firm running a shareholder class action against recycling company Sims Limited are seeking more than 57 per cent of a $29.5 million settlement for commission and costs, including an insurance policy to cover the risks of losing the case.
The lead applicant in an unsuccessful class action over the Carwoola bushfire has avoided indemnity costs sought by insurer CGU and has won a 40 per cent reduction in the amount of legal costs it will have to cover for the defendant.
A judge has signed off on a $4.7 million settlement in two investor class actions against collapsed sandalwood producer Quintis, two year after an earlier settlement was scuttled as group members kicked off an insurance dispute in pursuit of a better return.
Two years after an insurance dispute scuttled a proposed settlement, group members in two class actions against sandalwood producer Quintis are set to receive $4.7 million in a settlement with the defunct company.
Recycling company Sims Limited will pay $29.5 million to settle a shareholder class action alleging earnings guidance for FY16 failed to account for the likely prospect of falling scrap metal prices.
Two insurers have won an appeal that blocks group members in a class action against sandalwood producer Quintis from receiving a further $11.25 million after a settlement was reached almost two years ago.