Class action settlement totals skyrocketed to over $900 million last year, and one law firm negotiated the lion’s share, with $672 million in settlements under its belt.
Two major Zip Co investors have sued Merrill Lynch for allegedly breaching its duties as financial advisor by recommending they sell their shares in the Aussie fintech after September 1 last year, at which point Paypal’s announcement that it would enter the buy now, pay later market had sent Zip’s share price plummeting.
Two landmark class actions seeking damages from the Victorian government for economic losses suffered during last year’s second wave of COVID-19 have been thrown out, but one of the cases will be given a second chance to proceed.
A judge has dressed down ASIC over the handling of its action against GetSwift, criticising the regulator’s failure to seek a court injunction to prevent the company’s relocation to Canada.
The battle to lead a shareholder class action against Nuix over its $1.8 billion initial public offering is on, with a second class action lobbed that accuses the embattled technology company and underwriter Macquarie of failing to alert shareholders to a slew of “red flags” in the business.
Embattled technology company Nuix has been hit with a shareholder class action over its $1.8 billion December float on the ASX.
A judge has indicated he will approve the ‘very low’ GetSwift class action settlement because the company appeared to be broke, but the law firm behind the case has been pulled up by the court for a previous costs estimate that has blown out by $3 million.
Logistics company GetSwift says it is considering an appeal of an 859-page judgment which lambasted the company and its directors’ “public relations-driven approach” to announcements on the Australian Stock Exchange.
The Australian Securities and Investments Commission has scored a victory in its long-running case against GetSwift, with the Federal Court finding the company and its directors breached the Corporations Act and ASIC Act through their “public relations-driven approach” to announcements on the Australian Stock Exchange.
A judge has criticised a proposed settlement notice in a shareholder class action against GetSwift for failing to inform group members of how much they would receive from the “very light” settlement, which relies heavily on the logistics firm’s success after relocating out of Australia.