Investors in collapsed stockbroker Halifax Investment Services have failed to overturn decisions in Australia and New Zealand relating to the date of realisation of their investments which have decreased the amount they can recover in the company’s liquidation.
Approximately 1,000 investors of collapsed stockbroker Halifax Investment Services have challenged a court decision concerning the date of the realisation of their investments which decreased the amounts they could recoup from the company’s liquidation.
Reforms by the Morrison government passed earlier this month weakening continuous disclosure obligations will spur corporate defendants to engage in “expensive interlocutory warfare” to shut down class actions right off the bat, and plaintiffs lawyers are waiting to see how the courts interpret the new laws to determine these early strike-out fights.
Cladding manufacturer Fairview Architectural may have $190 million in insurance to cover the claims in a class action over its allegedly combustible cladding products.
The state of Victoria has opted out of two class actions over allegedly combustible cladding, after agreeing to join as a group member last year.
Homeowners in a Western Sydney suburb have filed a NSW Supreme Court class action against the local council, a developer and geotechnical engineers seeking compensation over homes they claim are sinking into the ground.
Ernst & Young has resigned from its role as Omni Bridgeway’s long-time auditor after determining a class action against it that’s being backed by the litigation funder could threaten its independence.
As the no win, no fee model comes out on top in another high profile class action beauty contest, legal experts say third-party litigation funders will need to evolve and “fight back” to stay competitive.
The law firm behind a long-running class action over the 2011 floods in Queensland which reached a $440 million partial settlement last month has estimated that its legal bill to date totals around $60 million.
The State of Queensland and subcontractor Sunwater have agreed to pay $440 million to settle part of a class action over the 2011 floods in Queensland that destroyed 2,000 homes in the state.