Two law firms that have been jointly running a class action against the NSW government over light rail construction in Sydney are now competing to run the case solo, after their relationship broke down and the funder lost confidence in one of the firms, a court has heard.
A Blue Sky director has pointed the finger at auditor Ernst & Young in a class action alleging the collapsed investment firm misled shareholders by misstating its assets under management.
IG Markets has been hit with a second class action for offering “highly risky and unsuitable financial products” to retail investors, with a third competing proceeding in the works.
A judge has ordered KPMG to turn over its complete audit files for CuDeco in a shareholder class action against the defunct mining company’s former company directors and the accounting firm over allegedly misleading statements about the value of ore reserves at CuDeco’s Rocklands mines in Queensland.
Transport for NSW is weighing an appeal after a judge found it was liable to pay damages in a class action brought on behalf of small businesses over interference caused by the construction of Sydney’s $3 billion light rail network.
Auditor Ernst & Young has filed cross-claims against Blue Sky in a shareholder class action accusing the collapsed investment firm of misleading shareholders by misstating its assets under management.
The possibility that a NSW judge will revoke a contingency fee order made in a class action over Arrium’s collapse is irrelevant to whether the proceedings should be transferred from Victoria to the appropriate forum, Arrium’s auditor KPMG has told a court.
A Federal Court judge overseeing a class action against IG Markets over risky financial products has questioned whether courts should take a “more robust” approach to avoid the “nonsense” of competing class actions, amid the threat of a second class action being filed in the Supreme Court of Victoria.
A judge has found the state of NSW liable to compensate the lead plaintiffs in a class action brought on behalf of small businesses over the “substantial and unreasonable” interference caused by the construction of Sydney’s $3 billion light rail network, but he flagged “significant problems” in applying his findings to thousands of potential group members.
Online trading platform IG Markets is facing more scrutiny over its marketing of risky financial products, with a third law firm investigating a class action for everyday investors who have lost money.