A bid by KPMG to push off the filing of its defence in a class action over misleading statements ahead of Arrium’s $754 million capital raising in 2014 has been shot down by a judge, who said the auditor has known the claims against it since November.
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.
Whether a contingency fee order made in a Victoria Supreme Court class action can survive a transfer application to a NSW court could be the next high stakes class action issue for the courts.
A judge has lashed out at the legal team behind a class action against S&P over allegedly misleading credit ratings for filing hearsay evidence in support of an application to serve the ratings giant overseas, saying that “nobody who is a first year law student” would say the evidence was admissible.
A contractual dispute between a litigation funder and the lead applicant in a class action against S&P will not prevent the class action from progressing, with both parties giving undertakings to preserve the status quo while the feud remains on foot.
The litigation funder embroiled in a contractual dispute with a lead applicant in a class action against S&P Global is a stranger to the proceeding and has no right to demand to be served an application to pause the case pending the outcome of the contract spat, a judge has said.
One of the lead applicants in a class action against ratings giant S&P Global, which is involved in a dispute with the funder that’s backing the case, wants to look at the funding agreement signed by the class action’s other lead applicant.
A new class action against S&P Global is facing potential delays as the two lead applicants — one embroiled in a battle over its funding agreement — ready for a fight over when to serve the lawsuit on the global ratings agency.
The lead applicant in a securities class action against the directors and auditors of laser technology firm Arasor has been hit with costs for its “completely unsatisfactory” conduct in its failed pursuit of over $508,000 in legal costs spent in disputes with the ATO and funder International Litigation Partners.
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.