The funder and legal team behind a class action over the collapse of Banksia Securities billed for phantom costs in a “fraudulent scheme” to secure almost $20 million from the case, the contradictor investigating the purported misconduct has told a court.
The litigation funder behind the class action over Banksia Securities’ collapse has admitted it misled a costs consultant retained to report to the court on the reasonableness of the fees in the case, but says its commission should not take a hit as a result because the misconduct occurred after the litigation settled against Banksia’s trustee for $64 million.
Former Bellamy’s Australia director Jan Cameron has pleaded not gulty to two charges stemming from an alleged failure to disclose her stake in the organic baby food company.
IOOF has admitted that some allegations in an employee complaint at the centre of a shareholder class action were “substantially true”, including claims that it overstated the performance of its ‘Buy Model’ investment portfolio and that its head of research instructed subordinates to complete his training courses for him.
A judge has pushed off a heated contest between law firms vying to lead a shareholder class action against construction giant Boral for what could be a year as a landmark High Court challenge plays out.
A litigation funder’s average rate of return on its investment in shareholder class actions was one of a number of factors weighed by a judge in approving a 25 per cent funding cut from the $42 million settlement in a class action against dairy cooperative Murray Goulburn.
Two law firms that filed competing shareholder class actions against construction giant Boral have asked the court to permanently stay the other’s proceeding, after the judge overseeing the matter said he might wait until the High Court’s ruling on the AMP class action beauty parade before deciding which class action should move forward.
Gloria Jeans’ owner Retail Food Group has avoided enforcement action by the Australian Securities and Investments Commission after an investigation sparked by last year’s damning parliamentary report into the franchise sector.
A judge has scolded the law firms behind competing shareholder class actions against Boral for delaying progress of the proceedings, but may wait until the High Court’s ruling on the AMP class action beauty parade before deciding which of three potential class actions should move forward.
A claim by Treasury Wine Estates that Maurice Blackburn — but no other law firm — is prohibited from bringing a shareholder class action over disclosure breaches related to its US business had an “air of unreality” about it, a judge has said.