Barrister Norman O’Bryan SC has failed in his last-ditch bid to reopen his defence in the Banksia class action to submit evidence he says shows he did not retain an interest in the litigation funder behind the case.
The judge overseeing the trial alleging fraud on the part of barristers and the funder behind a class action over Banksia Securities will be asked to award at least $32 million to the failed property lender’s 16,000 debenture holders for the serious misconduct alleged against the lawyers.
Fertility clinic Monash IVF says there are “serious questions” about whether a class action that accuses it of destroying viable embryos was validly commenced as a class action.
A Victorian barrister has reached a settlement on the eve of trial in a breach of fiduciary duty lawsuit brought by a former client who lost a court case over a $24.5 million real estate dispute.
A lawsuit seeking to increase D&O insurance for sandalwood producer Quintis in the wake of a class action settlement has fallen short of the $40 million in additional coverage sought, but a Federal Court decision may see a further $11.25 million go to group members.
A Melbourne law firm and barrister will soon face trial over allegations of breach of fiduciary duty brought by a former client who lost a lawsuit over a $24.5 million property joint venture.
A $25 million settlement has been reached in three long-running shareholder class actions over the collapse of electronics retailer Dick Smith, under which the funders that backed the litigation will not recover their costs and shareholders recoveries will be small.
Payouts in class actions in 2020 largely kept pace with the previous year despite the financial strain of the COVID-19 pandemic, with companies and other defendants paying more than $696 million to settle class actions last year.
Class action experts have knocked several recommendations from the Parliamentary Joint Committee for reforming the class action system, including that group members be guaranteed at least 70 per cent of any settlement or judgment, saying this would be challenging to implement and could make disputes harder to resolve.
The law firm behind a class action against German manufacturer 3A Composites over allegedly combustible cladding is seeking to add a new representative group member to cover the claims of owners of property with Alucobond panels.