Wealth manager IOOF is facing a shareholder class action alleging it failed to tell investors that misconduct aired at the Banking Royal Commission would put it in the crosshairs of Australia’s financial regulator.
Baby food maker Bellamy’s is not giving up its fight to limit the costs of two shareholder class actions against the company, lodging an appeal of a ruling that shut down its cost-capping bid as premature.
GetSwift has warned it may seek an injunction blocking Johnson Winter & Slattery from acting as instructing lawyers to the corporate cop in its enforcement action against the logistics company, saying the firm provided advisory work for it last year.
A litigation funder wants the High Court to review a court decision’s to approve a $64 million settlement in litigation over the failure of Banksia Securities while rejecting the funder’s commission and legal fees.
A state judge has ordered the litigation funders behind a group of federal class actions against AMP to pay the legal costs of their failed transfer applications, saying while he could not make the applicants pay, he could compel the funders to cough up the money.
A judge has rejected a bid by Bellamy’s to limit the recoverable costs of rival law firms running joint class actions against the baby food maker, saying he would deal with any unjustified duplication later, not now.
The Commonwealth Bank of Australia wants a judge to ensure it doesn’t get hit with double the cost for work defending two shareholder class actions brought by rival plaintiffs law firms.
The Australian Securities and Investments Commission has added to logistics provider GetSwift’s legal woes, filing a lawsuit over the company’s alleged failure to disclose material information to shareholders about contracts with clients such as Amazon and Yum! Brands.
Sims Metal is facing a shareholder class action over an earnings guidance that allegedly failed to take into account a likely fall in scrap metal prices.
ASIC will soon have more ammunition to go after corporate wrongdoers, after the Senate passed legislation that arms the regulator to seek harsher civil and criminal sanctions against banks, their executives and others that breach the corporate and financial services law.