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A class action over the collapse of Arrium is bound to its pleading that the asset value of all the steelmaker's business units was impaired by a total of $2.8 billion, a judge has ruled in the second week of trial.
A mid-trial fight has erupted in a class action over the collapse of steelmaker Arrium, with the company's auditor and directors saying the case had swerved, and the plaintiff accusing the respondents of "playing games".
KPMG has told a judge there is no evidence that Arrium's share price would have changed even if it had recorded a $2.8 billion impairment, urging the judge to reject the shareholder class action's "intuitive" case on loss.
Former directors of steelmaker Arrium have rejected shareholder class action claims that the company's collapse was foreseeable, calling claims they had their heads in the sand “arrant nonsense”.
KPMG failed to bring the necessary scepticism to the task of auditing failing steel manufacturer Arrium, instead leaving contradictory evidence unresolved and giving the company a clean bill of health, a shareholder class action has told the court.
A shareholder class action against KPMG and ex-Arrium directors says the company's accounts were infected by "chronic and systemic overoptimism", with the former operator of Whyalla Steelworks portraying as viable a business that was impaired up to $2.8 billion.
The competition regulator has given its draft approval to Fortnite maker Epic Games and Google for their global settlement of allegations of misuse of market power by the digital giant.
Apple will bring a “full-bodied” opposition to a bid to expand a class action over the running of its App Store, after a judge found the tech company engaged in anti-competitive conduct in the app marketplace last year.
The ACCC has won court approval to make submissions on relief in Fortnite game maker Epic Games' case against Apple, after a judge found the tech company misused its market power in the app marketplace.
A hearing set for this week on relief sought by Fortnite maker Epic Games in its competition case against Google will not go ahead as planned, after the companies reached a global settlement. But the terms of the deal remain to be approved by the ACCC.