As parliament weighs the latest Morrison government crackdown on class actions, the Federal Court’s chief judge has warned of “an ever present danger” of maligning the regime.
The corporate watchdog has been subpoenaed for its investigation files in the latest development in a protracted discovery fight in a shareholder class action over alleged misconduct by wealth manager IOOF.
The parties in a class action accusing a Commonwealth Bank of Australia unit of breaching its superannuation trustee duties want the matter to be heard in person and are willing to foot the bill for the judge to travel to Sydney to make it happen.
The first order allowing plaintiffs lawyers to take a cut of the proceeds of a class action will guarantee group members in a case against G8 Education at least 72.5 per cent of any recoveries — a notably higher percentage than the minimum legislated by a controversial bill before federal parliament.
Franchisees of the Hog’s Breath Cafe restaurant chain must pay $1.23 million in security for legal costs in their class action against the franchisor, and the matter is stayed until they can pony up the first installment.
Investors have lost their class action against Perth-based Iluka Resources, the latest shareholder class action to fail after pushing through to trial.
Queensland-based RMS Engineering and Construction has settled a class action alleging it refused to give staff meal breaks and threatened those who complained about excessive hours.
Shareholders in a class action against failed steel giant Arrium and KPMG have lost their bid for KPMG’s complete audit file for Arrium to probe the Big Four accounting firm’s handling of the steel producer’s financial statements before its collapse in April 2016.
The solicitor who was found to have acted as a “postbox” to conceal conflicts of interest in the Banksia class action has lost his practicing certificate ahead of a hearing to show cause why he should remain on the roll.
A Senate committee has endorsed a proposed law that would put a cap on the commission litigation funders can earn for backing class actions, but said the legislation should be amended to ensure courts are not kneecapped in exercising their power to determine what is fair in each case.