A court has approved a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG, after not a single objection was raised by unitholders or creditors who won’t receive anything after the entire amount is paid to the funder.
An appeals court has tossed a challenge to the dismissal of an investor class action against the Public Trustee of Queensland over a failure to predict the 2008 collapse of Gold Coast-based finance group Octaviar, finding that the class had run a case based on allegations outside of its claims.
The approval of a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG has been postponed to allow time to notify creditors and unitholders that they won’t see a cent, an outcome the judge called “a long way from litigation in any traditional sense”.
The Kingdom of Spain is contesting attempts to enforce two arbitration awards worth $392 million in the Federal Court, claiming sovereign immunity as it attempts to shut the proceedings down.
The liquidators of Gold Coast fund manager Equititrust are seeking court approval of a confidential settlement of two proceedings brought against KPMG for allegedly failing to properly audit the firm prior to its collapse.
Parties in an ongoing four-and-a-half year long investor class action against Fitch Ratings have agreed to a second round of mediation after a prior attempt was adjourned without success.
A Queensland Supreme Court judge has given the green light for a $30 million settlement of a liquidator’s case against failed financial services firm LM Investment Management, saying the result was appropriate and “a matter of some public interest”.
One of two lead applicants in the settled Arasor shareholder class action has been denied leave to be heard over its $1 million personal expenses dispute with litigation funder International Litigation Partners after missing a filing deadline, with a judge calling its handling of the case “shambolic”.
The High Court has granted ASIC special leave to appeal a judgment that let a former director of Gold Coast finance company MFS Group partially off the hook for $147.5 million in misappropriated funds, after ASIC argued the High Court should intervene to clarify the scope of the word “officer” under the Corporations Act.
A battle over expert evidence in an invester class action against Fitch Ratings has delayed this month’s scheduled trial in the case by three months and forced the court to send the parties’ experts into conclaves.