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A court has refused to order the applicant in a failed class action against NULIS Nominees to pay indemnity costs, but has confirmed that so-called Calderbank offers can operate in group proceedings.
In tossing the sixth securities class action to go to trial in recent years, a Federal Court judge has shown the task of proving shareholder loss is a doozy.
A judge is concerned that if he approves all payouts sought by lawyers and funders from a $13.5 million settlement in a class action against a Quintis director, group members will only he left with just 18 per cent.
Although finding the former director of Quintis and its auditor, EY, engaged in misleading and deceptive conduct, a judge has dimissed a class action by the sandalwood producer's shareholders.
Former NAB superannuation fund trustee NULIS is seeking the first ever award of indemnity costs in a class action that flopped following the rejection of a settlement offer.
Element Zero has denied claims that three former Fortescue employees, including one executive, misused confidential information and developed a green iron process on the company dime.
In the latest class action loss, a judge has said that $165 million in fees charged to members by NAB super fund trustee NULIS Nominees was corporate revenue “with which it was free to deal as it saw fit".
A class action against NAB unit NULIS Nominees over adviser fees charged to superannuation fund members should be dismissed, a judge has found.
Green iron start-up Element Zero is continuing its fight over search orders won by rival Fortescue that it claimed were a massive over-reach.
Fortescue has defeated a bid by its former CFO’s green iron start-up to set aside search orders that were said to have been secured “off the back of egregious material non-disclosure”.