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A judge has removed the funder and law firm leading the Banksia Securities class action from their roles supervising a proposed settlement distribution scheme after the funder was accused of intimidation, a lack of experience and charging excessive costs.
Sirtex Medical has reached a mid-trial agreement to resolve a shareholder class action that centred on the biotech company's sales forecasts of its radiation treatment.
The Federal Court has granted Treasury Wine Estates costs of a stayed class action filed against it by a firm owned by solicitor Mark Elliott, despite a settlement in a related class action barring TWE from seeking remedies from class members.
Treasury Wine Estates can't claim its legal costs in defending against two stayed shareholder class actions because the terms of a settlement in a third class action barred the company from recovering anything from group members in related cases, a court has heard.
Concerns that the proposed acquisition of Sirtex Medical by a Chinese private equity firm would leave the company with insufficient funds to cover a settlement or judgement in a class action were eased Wednesday, after a barrister said the takeover would leave the company with just under $1 billion in assets.
The litigation funder underwriting a class action against Myer will have to fork over another $950,000 in security ahead of what will be a rare shareholder trial starting next Wednesday, a court has ruled.