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The litigation funder bankrolling a class action on behalf of 383 apartment owners in Sydney’s troubled Opal Tower is seeking a 26 per cent commission totalling $13.2 million of the confidential settlement sum, a court has heard.
A second securities class action has been filed against failed Blue Sky Alternative Investments and auditor EY alleging financial reports materially overstated the health of the asset manager ahead of its collapse three years ago.
A judge has criticised the applicant in a class action against failed asset manager Blue Sky Alternative Investments for filing court documents late, as he prepares to grapple with an imminent competing class action.
Uber has lost its challenge to a decision that found many of its email exchanges with lawyers were made in furtherance of offences at the centre of class action claims and were not protected by legal professional privilege.
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 $13 million commission sought by the funder that bankrolled the Opal Tower class action is stalling settlement approval, as debate continues over whether the funder can recoup the costs of after-the-event insurance from group members.
Teleco contractor BSA, which resolved a class action by its workforce for $20 million, won't be recouping the costs of legal action to exclude a $13 million capital raising from the settlement.
A judge has ordered Australian telecommunications companies Jabiru Satellite and NewSat to pay $1 million in security for costs in a lawsuit against eight major banks alleging they wrongfully withdrew financial support for Australia’s first independently owned satellite.
The largest shareholder in payday lender Nimble has lost its challenge to a decision blocking it from accessing company documents about an impending debt refinance, with an appeals court finding the investor’s concerns had “an air of commercial unreality”.
Slater & Gordon has defeated Shine Lawyers in a contest to run a shareholder class action against Beach Energy, with a judge finding Shine’s tiered contingency fee arrangement was “mere window dressing”.