Liquidators of collapsed steel and mining company Arrium will challenge a ruling that gave shareholders the greenlight to question a former director to mount a possible class action, and have secured a limited stay of the judgment to lodge a notice of appeal.
Shareholders of collapsed steel and mining giant Arrium have won the OK to question a one-time director over possible class action claims that former officers misled the market and that auditor KPMG was negligent in preparing a healthy financial report just two years before the company went under.
Two special purpose liquidators appointed to collapsed engineering and construction company Forge Group are investigating a potential lawsuit against KPMG, which audited the doomed business prior to its $800 million collapse in 2014.
Perth-based Farooq Khan has lost a key case in the battle for control over investment firm Keybridge Capital, after a judge invalidated a board decision to suspend activist investor Nicholas Bolton as CEO and terminate chair John Patton on the basis of Khan’s breach of his directors’ duties.
Perth-based Farooq Khan has taken his bitter dispute with activist investor Nicholas Bolton to court, suing Keybridge Capital and two of its four directors ahead of a general shareholder meeting next month.
The liquidators of failed Gold Coast investment group Octaviar have been given the thumbs up to reject over $900 million in proofs of debt from two of the firm’s subsidiaries after the Queensland Supreme Court ruled they had received competent legal advice on the matter and were justified in the rejections.
A restructuring and insolvency solicitor who is suing Russells Lawyers for summarily dismissing him has largely won a discovery dispute over evidence in the case, with a judge ruling the lawyer could access communications between any of the partners related to his termination two years ago.
The Federal Court has stayed a lawsuit seeking to enforce a $183 million international arbitration award against the Kingdom of Spain over a solar farm investment while the country seeks to have the award annulled.
Group members in the Fitch Ratings class action have recovered almost 95 per cent of their losses in a $27 million settlement, which was narrowly approved after a judge scolded the parties for a lack of clarity around the mediation and opt-out process.
Fitch Ratings has agreed to settle the last of the investor class actions in Australia flowing from the global financial crisis, a court heard Friday.