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In reasons for approving a $41 million deal to settle one of three shareholder class actions over Slater & Gordon's acquisition of a UK firm and awarding the funder 28 per cent, a judge has challenged a persistent notion that the interests of litigation funders and group members are at odds.
Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.
A judge has approved a $41 million settlement in a shareholder class action against Pitcher Partners but has reduced the funder’s cut to $11.5 million after resolving a feud with the lead applicant over how much it should receive for taking the case to trial.
Following a three-week trial, Pitcher Partners has agreed to pay $41 million to settle a shareholder class action alleging the firm, along with Ernst & Young, approved an overly rosy year-end financial report related to Slater & Gordon's disastrous $1.2 billion acquisition of UK business Quindell.
A judge has blessed Ernst & Young’s settlement with shareholders in a class action alleging the firm, along with Pitcher Partners, approved an overly rosy year-end financial report related to Slater & Gordon's disastrous $1.2 billion acquisition of UK business Quindell.
Ernst & Young has settled all claims against it in a shareholder class action alleging the Big Four accounting firm and Pitcher Partners signed off on an overly rosy year-end financial report that failed to disclose risks and impairments associated with the law firm's disastrous $1.2 billion acquisition of UK insurance claims company Quindell.
Former Slater & Gordon managing director Andrew Grech has told the Federal Court he regretted his "catastrophic error" in approving the $1.2 billion acquisition of Quindell's professional services division, which resulted in massive losses for the plaintiffs law firm.
Law firm Arnold Bloch Leibler will part with $28 million in its settlement with Slater & Gordon shareholders over advice ahead of the plaintiffs firm's disastrous $1.2 billion Quindell acquisition.
A former partner at accounting firm Pitcher Partners has told a court that he had issues working with Ernst & Young on an audit of law firm Slater & Gordon, calling the Big 4 firm "uncooperative".
A former partner at accounting firm Pitcher Partners has testified during a shareholder class action trial that he should have questioned statements about the viability of Slater & Gordon’s $1.2 billion Quindell acquisition, but ran out of time because its audit of the firm went “off the rails”.