A judge has expressed doubts over Colonial First State’s plan to pass on part of its duties to the ATO in distributing a $56.3 million settlement secured by customers in a Maurice Blackburn-led class action.
NewSat investor Rockgold Holdings has lost its bid to appoint a special purpose liquidator to run a lawsuit against eight major banks after a judge found its proposed 70 per cent funding fee “wholly disproportionate”.
Real estate giant CBRE Group has won its appeal in a dispute with defunct fund manager City Pacific, which claimed the company negligently valued a Queensland marina at $27.3 million in 2006 and caused millions in losses.
Engineering company Worley is challenging an appeals court ruling that allowed a shareholder class action against it to continue, arguing the Full Court’s finding that opinions which “ought reasonably to have been held” should be disclosed to shareholders would lead to “absurd consequences”.
Two heavyweight plaintiff firms battled it out Friday to run a shareholder class action against Beach Energy, with Shine Lawyers saying it should be rewarded for setting the price of the contingency fees sought in the case and Slater & Gordon arguing it has a better track record in class actions.
The Full Federal Court has found that a landmark NSW Court of Appeal decision barring group members from being notified of future class closure orders at settlement was “plainly wrong” and that the court has the power to make the orders.
Online trading platform IronFX has won its action against the Australian Financial Complaints Authority over a finding it wrongfully caused an 83 year-old French resident to lose his life savings.
An appeals court has sided with shareholders in their challenge to a ruling tossing a class action against engineering services company Worley, which was found to have had reasonable grounds for issuing overly rosy earnings guidance eight years ago.
Judgments shooting down a class closure order and nixing notice of a possible class closure order were “plainly wrong” and “infected” by faulty reasoning, the Full Federal Court has heard.
The parties in a class action accusing a Commonwealth Bank of Australia unit of breaching its superannuation trustee duties want the matter to be heard in person and are willing to foot the bill for the judge to travel to Sydney to make it happen.