Class Actions
Class action filings hit decade low but settlements stay high at $1.65B
Last year saw the lowest number of class action filings since 2016, but approved settlements reached the second-highest total ever, according to a recent law firm report.
Climate change
Clayton Utz nabs Norton Rose environment law pro
Clayton Utz has lured an environmental and planning law specialist from Norton Rose Fulbright to join the firm's Brisbane office.
Corporate
Potentia brings bid to buy founder’s $330M stake in Soprano Design
Private equity firm Potentia Capital has accused the founder of software company Soprano Design of shareholder oppression, claiming he prevented Soprano's former CEO from performing his role, leading to his resignation four months into the job.
Competition & Consumer Protection
Subaru favoured dealers over independent mechanics, ACCC says
New enforcement action by the competition regulator alleges Japanese car maker Subaru failed to give independent mechanics equal access to software needed to repair its vehicles.
Securities
ASIC to appeal win for Rex directors over rosy forecast
The corporate cop is challenging a decision that tossed its breach of duty claims against three Regional Express board members over the company's continuous disclosure failures.
Class Actions
Live exports class action sent to referee, despite claims govt want to declass
A class action over the government's 2011 live exports ban will go to a referee for determining how the 88,000 cattle that would have been exported should be allocated, despite the class action's claim this was part of the government's plan to declass the proceeding.
Trials
Arrium CEO denies forecasts based on rosy assumptions
On his fourth day giving evidence in a shareholder class action trial, Arrium’s former CEO has denied that the company relied on overly optimistic assumptions when making forecasts about its business, despite a history of missed targets.
Tax
Judge takes ‘draconian step’ of tossing long-running Obeid tax cases
A judge has taken the "draconian step" of dismissing long-running tax cases by the members of the Obeid family, on the eve of a hearing over a $30 million freezing order against the family.
Class Actions
Class action against Mitsubishi wins fight to add ‘significant’ claim
A class action over the fuel efficiency of thousands of Mitsubishi Triton vehicles can add a new claim over alleged misleading testing, despite the car maker's argument that it has no reasonable chance of succeeding.
Financial Services
Netwealth let members sink 100% of savings in First Guardian
A judge has declared super fund trustee Netwealth breached the Corporations Act in offering the First Guardian fund on its investment platform, which left more than 1,000 members exposed to $100 million in losses.
