Investors in Mayfair Group’s collapsed IPO Wealth Fund are set to recoup only a fraction of their alleged $67 million losses in a best-case settlement of a class action alleging the fund’s trustee misled unit holders.
Fintech Humm has admitted to making “misrepresentations” to Japanese bank SMBC over allegedly worthless receivables linked to Forum Finance but has denied it was negligent, claiming a Forum Group unit should share the burden of paying any damages in the $33.6 million lawsuit.
Crown Resorts has asked the court to appoint a contradictor to fight against a group costs order sought in shareholder class action accusing the casino giant of lax anti-money laundering compliance over a six-year period.
Despite objections from numerous group members, a judge has tossed an underpayments class action brought by a self-represented applicant against Wilson Security, ruling that class actions should not be run without lawyers.
For many in the legal profession the choice of Justice Jayne Jagot to replace the outgoing Justice Patrick Keane on the High Court, heralding a new era of judicial diversity on the top bench, was hardly a surprise.
Embattled investment firm Linchpin Capital has sued auditors Grant Thornton and Moore Stephens for signing off on the compliance plan for a registered fund that allegedly used investor money to advance the company’s business interests and line its directors’ pockets.
A judge has thrown out competing appeals of a decision finding Pfizer’s patent for its post-operative injectable painkiller Dynastat is valid and that Australian drug maker Juno Pharmaceuticals infringed the patent by selling generic versions of the drug in Australia.
Federal Court Justice Jayne Jagot has been appointed as the seventh ever female Justice of the High Court, marking the first time in Australia’s history that a majority of judges on Australia’s top court are women.
The Australian Securities and Investments Commission has suffered a defeat in proceedings alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, with a judge finding the regulator “ignored the circumstances” in which the product was distributed.
A judge who slashed the fees of a law firm that reached a $1.55 million settlement in two class actions against supermarket chain Romeo’s has expressed her “annoyance” at the firm’s attempt to tender time records to justify the bill.