The field of competitors in a four-way contest to run a shareholder class action against Downer EDI over a $40 million profit overstatement has narrowed with the consolidation of three cases, leaving one firm to face criticism over its comparative inexperience running group proceedings.
Boutique law firm William Roberts has lured Omni Bridgeway’s former managing director for Asia Pacific to grow its litigation team.
IG Markets has been hit with a second class action for offering “highly risky and unsuitable financial products” to retail investors, with a third competing proceeding in the works.
The Federal Court has granted a bid by plaintiffs in competing class actions against Downer EDI to transfer their cases to the Victoria Supreme Court, where a four-way contest will take place.
Insurer Vero is fighting a ruling that added it to a class action against cladding manufacturer Fairview Architectural over allegedly combustible cladding.
Shine Lawyers has lost its bid to recover $32 million in interest on a loan it took out to run two pelvic mesh class actions against Johnson & Johnson, with a judge finding it would make a “marginal settlement less than reasonable”.
Shine Lawyers’ bid to recoup “exorbitant” interest on a loan it took out to run pelvic mesh class actions against Johnson & Johnson has raised new ethical dilemmas beyond the usual “sweaty palms and huge vexation” in most group proceedings, a judge has said.
A judge has ruled insurer Vero can be added to a class action over allegedly combustible cladding, finding removal of the cladding could be considered “property damage” under the wording of an insurance contract with cladding manufacturer Fairview.
A Federal Court judge overseeing a class action against IG Markets over risky financial products has questioned whether courts should take a “more robust” approach to avoid the “nonsense” of competing class actions, amid the threat of a second class action being filed in the Supreme Court of Victoria.
The applicants in competing class actions against Downer EDI have set out their proposals for the courts overseeing the cases, with two calling for orders staying the proceedings of their rivals, and another seeking consolidation.