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Shareholders of collapsed vocational training company Vocation are poised to get about half of a $50 million settlement reached last month in a complex, long-running class action alleging the company failed to make adequate disclosures about its contracts with the Victorian Department of Education.
A $50 million settlement has been reached in a long-running shareholder class action against defunct vocational training company Vocation that also spawned multiple cross-claims against the failed company's auditor PricewaterhouseCoopers, law firm Johnson Winter & Slattery and individual directors.
A judge has vacated a seven-week trial in proceedings brought by ASIC against two former Rio Tinto executives to March or April 2022, after they requested a "lengthy delay" to ensure a COVID-19 vaccine would be available before they travel to Australia for trial.
A former Rio Tinto executive living in the US who wants to appear in person at an upcoming trial in a case brought by ASIC says the hearing should be moved to next year when a COVID-19 vaccine will likely become available and he could travel to Australia to "mount a vital defence".
A shareholder class action against Vocation that has spanned five years and spawned multiple cross claims against the failed training company's auditor, law firm and individual directors, has reached an in-principle settlement.