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Philanthropist and Wotif founder Graeme Wood will have to pay more than $15 million after the Victoria Supreme Court found one of his companies had breached an agreement to act as guarantor for the $73 million sale of a Queensland aquaculture business.
Payouts in class actions in 2020 largely kept pace with the previous year despite the financial strain of the COVID-19 pandemic, with companies and other defendants paying more than $696 million to settle class actions last year.
A judge has signed off on a $32.4 million settlement in a shareholder class action against engineering services firm CIMIC, including a hefty legal bill for the firm that brought the case.
Engineering services company CIMIC will fork over $32.4 million to settle a shareholder class action, with group members expected to get 40 per cent of the settlement total if the court approves the requested legal costs and funder's commission.
Engineering services company CIMIC has agreed to settle a long-running shareholder class action launched in the wake of media reports of an alleged $42 million bribe paid by the firm to win a lucrative oil contract.
A judge has ordered engineering services firm CIMIC Group to pay the costs of a 2017 attempt to stay a competing class action against it, saying the bid was one the company "could never have successfully prosecuted".
Engineering services company CIMIC has won a challenge to the pleadings in a shareholder class action against it, with the Federal Court striking out deficient paragraphs but giving the class a chance to replead.
Engineering services firm CIMIC Group has attacked the pleadings in a shareholder class action against it, saying needlessly convoluted paragraphs containing a "numerically vast number of contingencies" should be struck out.
A shareholder class action against CIMIC Group will fight a strike out application it has slammed as an "opportunistic" late-stage move by the global engineering firm made only because the trial was previously vacated.
The lead applicant in a shareholder class action against global engineering firm CIMIC Group has made a bid for indemnity costs, after a last-minute subpoena of three former executives led to the trial being vacated.