Lawyerly’s Litigation Law Firms of 2022 racked up precedent-setting victories in a year that continued to see major developments in class action law.
Liquidators for ready-made meals producer Jewel of India have lost their bid to dodge public examination over their alleged poor handling of the business’ sale and failure to investigate potential claims against the Commonwealth Bank.
In a boost to securities class actions, the High Court has ruled that directors of collapsed companies can be subjected to public examination by shareholders wanting to bring civil proceedings.
Two shareholders of failed steel giant Arrium have told the High Court that granting their bid to grill former directors of the company would not be an abuse of process because it was in the public interest to “expose” the management of the defunct business.
Two shareholders of failed Arrium Group have secured leave from the High Court to challenge a ruling that nixed their planned examination of a former director to bolster a class action over the collapse of the steel producer.
The Australian Securities and and Investments Commission has won a $57.5 million judgment against two units of National Australia Bank for making misleading representations to superannuation customers regarding $100 million in fees charged for services they never received, far short of the $125 million sought by the corporate regulator.
Liquidators for collapsed steel and mining giant Arrium have successfully appealed a court ruling permitting the examination of a former director for a possible shareholder class action, with the Court of Appeal for the NSW Supreme Court finding the “private nature” of the claims was an abuse of process.
Liquidators of collapsed steel and mining company Arrium will challenge a ruling that gave shareholders the greenlight to question a former director to mount a possible class action, and have secured a limited stay of the judgment to lodge a notice of appeal.
Shareholders of collapsed steel and mining giant Arrium have won the OK to question a one-time director over possible class action claims that former officers misled the market and that auditor KPMG was negligent in preparing a healthy financial report just two years before the company went under.
A judge has refused to join the insurer of collapsed Sydney builder Reed Constructions to insolvent trading proceedings brought by the company’s liquidators, after finding it was unreasonable to expect the insurance company to irrevocably confirm coverage.