Payouts in class actions in 2020 largely kept pace with the previous year despite the financial strain of the COVID-19 pandemic, with companies and other defendants paying more than $696 million to settle class actions last year.
A judge will appoint an independent barrister to determine the allocation of settlement proceeds between insured group members and their insurers from two St Patrick’s Day bushfire class actions, finding that the ‘overly combative’ conduct of law firm Maddens warranted the appointment despite the extra costs involved.
A judge has found that a litigation funder’s involvement in settlement negotiations without the presence of the applicant’s lawyers in a shareholder class action against Spotless Group, which recently settled for $95 million, was “inappropriate”.
A Victoria Supreme Court judge hearing two competing class actions against Allianz Australia over “junk” insurance has asked the parties for feedback on what she should consider at a hearing on a request for a group costs order, which would allow the plaintiff lawyers to earn a cut of any settlement or judgment, the first such request made since Victoria legalised contingency fees.
Shareholders who lost a Federal Court trial in their class action against engineering company Worley are challenging the decision to dismiss the case.
A judge’s decision to throw out a shareholder class action against engineering company Worley is a loss for plaintiffs lawyers and could result in fewer listed companies willing to settle cases alleging they breached their disclosure obligations, but the ruling is not likely to have a significant chilling effect on securities litigation.
The lawyers behind two class actions against clothing retailer Surfstitch breached their duties to act in the best interests of shareholders, and their conduct should bar them from pocketing more than $6 million claimed in costs and commission in the protracted litigation, a court has heard.
A judge has sided with Worley in a ruling tossing a class action after a trial alleged the engineering company misled shareholders and breached disclosure rules by issuing an overly positive earnings guidance of $322 million for the 2014 financial year.
A judge has signed off on a $95 million settlement in a shareholder class action against Spotless after a heated exchange saw the funders backing the lawsuit drop their bid for $1.5 million in costs above their commission.
Fonterra could bring counter-claims against dairy farmers that brought a class action alleging they were unpaid when the company slashed milk prices in 2016, a court has heard, after debt recovery proceedings by Fonterra against the lead applicants were joined with the class action.