Insurer AIG Australia will have to pay collapsed diary processing firm Murray Goulburn at least $8.85 million after a court ruled it was liable to cover some of the costs of a $42 million class action settlement reached with irate investors last year.
Murray Goulburn insurer AIG Australia says it should not have to pay 20 per cent of a $42 million class action settlement reached by the dairy cooperative, arguing on Tuesday that the class action claims failed to satisfy the definition of a “securities claim” in its insurance policy.
A judge has sided with five investments banks and rejected a bid to amend a class action alleging a series of cartel agreements to rig foreign exchange rates, saying there were “substantial problems” with the proposed pleadings.
Lawyerly’s Litigation Firms of 2020 delivered significant victories for clients last year in bet-the-company matters, thriving in a tumultuous year that saw courts and litigants adapt to virtual trials and other new norms that are sure to outlast the COVID-19 pandemic.
Two law firms that have filed competing class action against AMP over allegedly excessive insurance premiums have changed tack and agreed to consolidate the proceedings.
BHP Group Ltd has appealed a ruling allowing foreign group members to be part of a shareholder class action against the mining giant over the Fundao dam failure in Brazil five years ago.
Mining giant BHP has lost a fight to keep foreign group members out of a shareholder class action over the Fundao dam failure in Brazil five years ago.
Shareholders who lost a Federal Court trial in their class action against engineering company Worley are challenging the decision to dismiss the case.
A showdown over two competing class actions against AMP is set down for December, and the applicants will have to persuade the judge overseeing the cases that they should not be consolidated.
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.