Payments processing company EML has hit back at a shareholder class action over its alleged failure to disclose Ireland central bank’s concerns about its anti-money laundering and counter terrorism financing compliance, claiming swathes of the case are liable to be struck out.
A judge has granted a law firm’s bid for a group costs order in a shareholder class action against payments processing company EML, but has trimmed its proposed cut of any recovery after comparing it to the contingency fee rate the firm accepted in another class action.
A judge has slapped Trivago with $44.7 million in penalties for a “startlingly misleading” rankings system used on its travel comparison website from which it reaped $53 million.
A judge has ordered that defunct Dover Financial Advisors and its former director pay $1.4 million in penalties for creating a misleading client protection policy he described as “an exercise in Orwellian doublespeak.”
Real estate investment giant Cromwell Property Group will not get the court’s help in pursuing a case of “unlawful association” against its largest shareholder, Singapore-based ARA Group, which has made a $518 million hostile takeover bid, and the family of Chinese billionaire Gordon Tang.
Former Dover Financial director Terry McMaster on Monday admitted to personally drafting a so-called client protection policy described by a judge as an “exercise in Orwellian doublespeak”, as the court heard evidence that the defunct financial firm ignored red flags raised by two law firms about the policy.
The Australian Securities and Investments Commission formed the view that Dover Financial’s “Orwellian” client protection policy was misleading in 2016 but did not raise its concerns with the now defunct firm until 2018, a court has heard.