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A high ranking executive from the Commonwealth Bank of Australia has warned that an increase in class actions could discourage Australia's best corporate leaders from joining company boards.
A recent announcement by logistics tech provider GetSwift that it will be relocating to Canada has heightened concerns by the lawyers running a shareholder class action against the company that it might not be able to meet any orders for compensation to group members.
Mining giant BHP is seeking to have foreign group members shut out of a shareholder class action over the Fundao dam failure in Brazil five years ago.
The State of Victoria has been hit with a class action for its allegedly negligent handling of its hotel quarantine program, which is believed to be responsible for the state’s second wave of coronavirus cases.
The Australian Securities and Investment Commission will not take action against the Commonwealth Bank of Australia or any of its directors of officers in relation to AUSTRAC proceedings the bank agreed to settle for $700 million in 2018.
Construction giant Boral must now contend with three class actions by shareholders alleging it failed to disclose financial problems with its US windows business, but the cases will stay on ice pending a High Court challenge.
Eight law firms made it to the courthouse door just under the wire last week, filing class actions on the eve of regulations that will require funders to register their class actions as managed investment schemes.
Just four months after paying $32 million to settle a shareholder class action over disclosures relating to allegations of foreign bribery, engineering services company CIMIC faces another class action, this one alleging failures to keep the market informed about issues with its Middle East operations.
A judge has dismissed a class action accusing Government ministers of misfeasance in public office over the practice of securing Nauruan visas for those detained on the island.
The lead applicant in a shareholder class action against GetSwift and its managing director wants the logistics provider to give notice of any decision that would see its cash and other liquid holdings fall to less than $25 million.