Three shareholder class actions against RCR Tomlinson have been allowed to continued, setting up a class action beauty contest over who will lead the litigation against the failed engineering company.
The approval of a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG has been postponed to allow time to notify creditors and unitholders that they won’t see a cent, an outcome the judge called “a long way from litigation in any traditional sense”.
A judge has baulked at an application by labour hire company Chandler Macleod and BHP unit Mt Arthur Coal seeking security for their legal costs in two casual worker class actions, saying Fair Work cases were not the same as shareholder class actions.
The liquidators of Gold Coast fund manager Equititrust are seeking court approval of a confidential settlement of two proceedings brought against KPMG for allegedly failing to properly audit the firm prior to its collapse.
A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.
A court has thrown out a $75 million compensation claim filed by an investor in a Ponzi scheme alleging liquidator Grant Thornton Australia and its lawyers Colin Biggers & Paisley failed to return his funds expeditiously.
The Bank of Queensland has criticised a judgment which found the bank’s insurance policy left it on the hook for a $6 million settlement of a class action brought by investors in a multi-million dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
A judge has approved funding terms in a shareholder class action against facility services company Spotless Group under which the funders will get no more than 25 percent of any net settlement or judgment.
Two class actions against collapsed engineering firm RCR Tomlinson may be dismissed earlier than expected unless the Supreme Court allows them proceed against a liquidator who has said the failed company is strapped of funds.
Accounting giant Deloitte has failed in its bid to strike out claims made in two shareholder class actions alleging it was careless in auditing the financial statements of electronics retailer Dick Smith ahead of its collapse in 2016.