The judge overseeing a conflicted remuneration class action against Suncorp has locked in a trial date for May next year over the protests of the applicants, saying it was “not a good look” for class actions to “hang” around.
A mid-trial settlement has been reached in a lawsuit brought by the liquidators of collapsed steel giant Arrium against 10 former company directors and officers for allegedly engaging in insolvent trading.
The companies behind the top selling Abilify medication have lost their latest bid for documents from the Commonwealth in a multimillion dollar dispute over the delayed listing of generic versions of their drug, with a judge saying the material could be only “of the most marginal relevance”.
Law firm Herbert Smith Freehills has attacked a lawsuit brought by a group of lenders against collapsed steel giant Arrium, rejecting claims that $430 million in loans was borrowed under misleading or deceptive representations.
The former group treasurer of collapsed steel giant Arrium has hit back at claims brought by the company’s liquidators that it was trading while insolvent, arguing the case had been ‘infected’ by evidence from an expert who was also a plaintiff in the case.
Doomed iron and steel giant Arrium attempted to stave off its inevitable $2.8 billion collapse and put off negotiating with its lenders until the last minute despite warnings from its legal and financial advisors, liquidators for the company told the court.
Directors of steel producer Arrium continued to borrow money from “vulnerable” lenders in the months prior to the company’s $2.8 billion collapse and “bled cash” despite the inevitable end, a number of lenders have said on the first day of a 40-day trial in the NSW Supreme Court.
The directors of steel giant Arrium, which collapsed owing $4 billion in debts, should have known earlier that the company was in a “liquidity crisis” and was trading while insolvent, liquidators for the company allege.
A judge has criticised a revised opt out notice in a class action against Suncorp over allegedly conflicted remuneration and again slammed the funder backing the case for sending a “disturbing” letter to group members contrived to achieve a commercial advantage.
A judge overseeing a class action against Suncorp over alleged conflicted remuneration has questioned a proposed opt out notice telling group members they should sign up with the funder backing the case or it might not proceed.