The High Court has rejected dam services provider Sunwater’s request that it weigh in on a dispute over insurance coverage for a $440 million class action settlement with victims of the 2010-2011 floods in Queensland.
A judge has grilled the former general counsel of defunct logistics company GetSwift about why he did not confront the company’s directors for “bullying” other executives when they raised concerns about alleged continuous disclosure breaches.
Queensland government-owned water services provider Sunwater has lost a bid to overturn a judgment letting insurer Liberty Mutual Insurance off the hook for its share of a $440 million settlement in the Queensland floods class action.
ASIC has called for a $15 million penalty against GetSwift and 12-year bans against its directors, who moved the logistics company overseas as the regulator’s enforcement action was on foot, a move the court on Tuesday said was “unprecedented”.
Logistics company GetSwift and its directors have dropped their challenge to a judgment that found the company breached its continuous disclosure obligations with its “PR-driven” approach to ASX statements.
Pest control giant Rentokil has won its case against a former manager over an alleged multi-million dollar fraudulent invoice scheme, with a court ruling the company is owed $3.38 million plus almost $200,000 in interest.
Rail freight operator Aurizon has triumphed in a tax dispute with the ATO, with a court finding that credit for a $4.4 billion loan by the Queensland government made during an initial public offering in 2010 was share capital despite no shares being issued to the state government.
Logistics company GetSwift will argue on appeal that a judge who found the company took a “PR-driven approach” to ASX statements was wrong in his assessment of whether those statements contained material omissions.
Logistics company GetSwift and its directors are appealing a win for ASIC in the regulator’s case that alleged they breached their continuous disclosure obligations and engaged in misleading and deceptive conduct in the release of 22 ASX announcements.
Liberty Mutual Insurance does not have to indemnify dam operator Sunwater for its share of a $440 million settlement of the Queensland floods class action, the NSW Supreme Court has found.