A long-running class action over the Opal Tower disaster has settled, along with two related cases over the defective building, as a five-week trial was set to begin.
NewSat investor Rockgold Holdings has lost its bid to appoint a special purpose liquidator to run a lawsuit against eight major banks after a judge found its proposed 70 per cent funding fee “wholly disproportionate”.
The founder of troubled sports streaming start-up Sports Flick has filed a $12.7 million lawsuit against former investors seeking to be reinstated as director and shareholder of the company.
A court has shut down the latest legal spat between the children of one of Australia’s richest families, finding a lawsuit over a $200 million real estate transaction was not brought in good faith and that running the case was not in the best interests of the company involved in the deal.
A settlement reached in a lawsuit by the liquidators of collapsed steel giant Arrium against 10 former company directors accused of insolvent trading has been approved by a judge, who noted that while the settlement amount was “substantial”, the deal involved a “substantial compromise”.
Two shareholders of failed Arrium Group have secured leave from the High Court to challenge a ruling that nixed their planned examination of a former director to bolster a class action over the collapse of the steel producer.
Software company LiveTiles will pay $8.445 million to settle litigation brought by Microsoft solutions provider nSynergy’s founder Keith Redenbach against his brother, LiveTiles CEO Karl Redenbach, alleging he diverted tens of millions of dollars in nSynergy’s assets, including LiveTiles.
Liquidators for collapsed steel and mining giant Arrium have successfully appealed a court ruling permitting the examination of a former director for a possible shareholder class action, with the Court of Appeal for the NSW Supreme Court finding the “private nature” of the claims was an abuse of process.
A court has upheld two decisions by the Australian Government Takeovers Panel that a bid by asset manager Aurora Funds Management to replace Molopo Energy’s directors was made in “unacceptable circumstances”.
A former executive of engineering giant Bechtel will be allowed to deduct over $11.8 million in share losses from his taxable income after successfully challenging a ruling to the Full Federal Court, in a decision that clarifies taxation law for income and capital regarding asset trades.