Defence shipbuilder Austal and its CEO have agreed to pay a combined $700,000 in penalties for violating the Corporations Act by failing to notify the market of a US$90 million writeback related to the company’s $3.5 billion US Navy warship program.
Property developer Deicorp has secured a win in a lawsuit brought by a Hong Kong real estate billionaire after Deicorp reneged on a $45 million property deal, with a judge finding the purchaser failed to properly nominate its special purpose vehicle under the contract for sale.
Ten’s general manager, Brisbane has filed a lawsuit alleging the media company owes her $330,000 in bonuses.
Retail Food Group has filed an application to shut down a class action by former franchisees of its Michel’s Patisserie chain who claim to have suffered losses stemming from changes to the franchise giant’s supply chain in 2015 and 2016.
A judge weighing a $29.5 million settlement in a class action against recycling company Sims Limited has questioned the court’s power to vary the funding agreement between the applicant and funder, which seeks to pass on its insurance costs to group members as well as recoup costs and earn a commission.
Vocational education provider Box Hill Institute has agreed to pay $33 million to settle a class action by students who allege the diploma they obtained through the institute did not give them the knowledge or training needed to obtain a commercial pilot’s licence.
A COVID-19 outbreak aboard the Ruby Princess that left 28 people dead was “something that was very likely to happen” and the cruise should never have sailed, a court heard as a class action trial against Carnival PLC kicked off.
Investors in Mayfair Group’s collapsed IPO Wealth Fund have clawed back only a fraction of their alleged $67 million losses after a judge approved a settlement in a class action alleging the fund’s trustee misled unit holders.
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has asked the High Court to overturn his own successful Full Court appeal of a decision that saw him banned from soliciting funds or promoting any financial product for 20 years.
A $13 million commission sought by the funder that bankrolled the Opal Tower class action is stalling settlement approval, as debate continues over whether the funder can recoup the costs of after-the-event insurance from group members.