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The approval of a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG has been postponed to allow time to notify creditors and unitholders that they won't see a cent, an outcome the judge called "a long way from litigation in any traditional sense".
The applicants in the Iluka Resources shareholder class action have been given a two month extension to provide a $1.25 million security for costs, after they managed to secure an in-principle deal with a new litigation funder.
A judge has raised questions about a redacted funding agreement in a class action against two IAG units over allegedly worthless add-on insurance products, saying the details were needed for a swift resolution of the case.
Parties in an ongoing four-and-a-half year long investor class action against Fitch Ratings have agreed to a second round of mediation after a prior attempt was adjourned without success.
The applicants in the Iluka Resources investor class action have just 14 days to sort out their funding troubles and provide a $1.25 million security, as a judge warns he will not be able to hold their trial date any longer.
The Quintis shareholder class action trial could be delayed for almost two years, while ASIC runs its civil proceedings case against the founder of the sandalwood oil production company.
The Commonwealth Bank of Australia, facing cross-claims by credit ratings agency Fitch in a class action alleging it gave false or misleading double A and triple A ratings to synthetic CDOs backed by Sigma Financial, told investors Fitch's withdrawal of Sigma's credit rating prior to the collapse of the $27 billion investment fund was a "technical" issue, the bank has admitted.
Deloitte Touche Tohmatsu is facing claims by the lead applicants in two class actions against failed retail giant Dick Smith alleging its poor accounting practices contributed to the retailer's collapse.
The investor behind a failed class action against the Public Trustee of Queensland over the collapse of Octaviar Group has escaped a bid by the Trustee for maximum costs, with a judge ruling the case was not a "nakedly speculative venture" by the funder.
An expert witness in an investor class action against Fitch Ratings over toxic financial products is no expert at all, the lead applicant told the court in contesting the admissibility of the expert's evidence.