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A settlement in a shareholder class action against GetSwift has collapsed as the logistics company seeks to secure financing to keep it afloat and pay the final portion of the deal's $1.5 million cash component.
A settlement agreement in a shareholder class action against GetSwift may be scrapped as the applicant seeks more information as to whether the logistics company is solvent or about to go under.
The law firms and barristers who defended former Dick Smith directors in sprawling litigation over the failure of the electronics retailer earned close to $68 million in fees, a court has heard.
Class action settlement totals skyrocketed to over $900 million last year, and one law firm negotiated the lion's share, with $672 million in settlements under its belt.
National Australia Bank and HSBC should be "jointly and severally liable" to pay a portion of the costs of a failed case brought by Dick Smith's receivers against the company's former directors because the banks stood to gain financially if the lawsuit was successful, the NSW Supreme Court has heard.
A judge has dressed down ASIC over the handling of its action against GetSwift, criticising the regulator's failure to seek a court injunction to prevent the company's relocation to Canada.
A judge has indicated he will approve the 'very low' GetSwift class action settlement because the company appeared to be broke, but the law firm behind the case has been pulled up by the court for a previous costs estimate that has blown out by $3 million.
Logistics company GetSwift says it is considering an appeal of an 859-page judgment which lambasted the company and its directors' "public relations-driven approach" to announcements on the Australian Stock Exchange.
The Australian Securities and Investments Commission has scored a victory in its long-running case against GetSwift, with the Federal Court finding the company and its directors breached the Corporations Act and ASIC Act through their "public relations-driven approach" to announcements on the Australian Stock Exchange.
A judge has criticised a proposed settlement notice in a shareholder class action against GetSwift for failing to inform group members of how much they would receive from the "very light" settlement, which relies heavily on the logistics firm's success after relocating out of Australia.