A judge has ordered the lead applicant in a failed class action against Queensland utilities Stanwell and CS Energy, which was slated to be worth $1 billion, to pay $32.4 million in costs.
A judge has removed a liquidator from the winding up of a Victorian cabinetry business, finding he failed to act honestly by settling unfair preference claims with tax agencies without disclosing key information.
Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.
The owners corporation for an apartment complex in the Melbourne suburb of St Kilda has lost its adverse possession claim over a tennis court mostly located on adjoining land, with a judge finding their use of the property was subject to a lease.
A judge has ordered the administrator for two class actions over PFAS contamination that settled for $153 million to pay the leftover funds to group members rather than to charities, saying it was not appropriate “to go around making donations”.
Reforms to Australia’s merger review regime kicked in on 1 January, but late-breaking amendments to the new laws mean changes to notification thresholds and further exemptions.
Pointing to a pattern of non-compliance with his orders, a judge hearing a shareholder class action over the collapse of mining company Cudeco has expressed concerns about “significant” delays in the case.
A judge has ordered Australian Unity to pay a $7.1 million penalty in ASIC proceedings alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors.
Binance has agreed to a $10 million penalty in ASIC’s case alleging the defunct crypto firm misclassified retail customers as eligible to invest in risky derivatives, but a judge wants more details before approving the deal.
Fresh off being sued by ASIC for investing $300 million into Falcon Capital’s failed First Guardian Master Fund, super trustee Diversa has been hit with additional licence conditions by the prudential regulator.