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Former Big Un CFO doesn’t have to file defence in liquidators’ case
Restructuring & Insolvency 2024-07-22 3:47 pm By Cindy Cameronne

The CFO of former market darling Big Un, who has been charged with insider trading, has been excused from filing a defence or taking other procedural steps in the collapsed company’s case against its ex-directors. 

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Court blesses Halifax liquidators’ settlement with King & Wood Mallesons
Restructuring & Insolvency 2024-04-15 11:10 pm By Cat Fredenburgh

The liquidators for Halifax Investment Services were justified in reaching a compromise settlement in proceedings against King & Wood Mallesons alleging the firm and former auditor Bentleys failed to advise the defunct stockbroker that it had to hold client funds used to trade on its online platform on trust, a judge has found.

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Investors lose joint appeal bid to boost slice of Halifax liquidation assets
Restructuring & Insolvency 2021-10-27 3:13 pm By Miklos Bolza

Investors in collapsed stockbroker Halifax Investment Services have failed to overturn decisions in Australia and New Zealand relating to the date of realisation of their investments which have decreased the amount they can recover in the company’s liquidation.

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Top 10 class action settlements of 2020
Analysis 2021-01-12 10:46 pm By Spencer Fowler Steen

Payouts in class actions in 2020 largely kept pace with the previous year despite the financial strain of the COVID-19 pandemic, with companies and other defendants paying more than $696 million to settle class actions last year.

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Common fund order issue can’t be decided in ‘evidentiary vacuum’, NSW appeals court says
Class Actions 2020-10-30 11:06 pm By Christine Caulfield

The NSW Court of Appeal has passed on the question of whether a judge can make a common fund order when a class action settles to ensure a certain return to litigation funders, but the issue is not going away, whatever the Federal Court’s decision in a parallel case.

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‘Big fat CFO’ incentives would distort class action scheme, BMW tells court
Class Actions 2020-10-27 8:48 pm By Miklos Bolza

Luxury car maker BMW has told the NSW Court of Appeal that the courts do not have power to make common fund orders at any stage of a group proceeding, arguing that such orders would distort the scope of the class action regime by encouraging litigation funders to pursue lawsuits.

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Proportionality no basis to deny fees in $7M QRxPharma class action settlement, judge says
Class Actions 2020-09-29 3:12 pm By Miklos Bolza

A judge has approved a $7 million settlement in a class action against the directors of pharmaceutical company QRxPharma, only a third of which will go to group members, saying proportionality was not a basis for rejecting fees that were otherwise fair and reasonable.

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Funder will take loss in $7M QRxPharma class action settlement
Class Actions 2020-09-23 3:04 pm By Miklos Bolza

The funder backing a shareholder class action against the directors of pharmaceutical firm QRxPharma will not seek to profit from a $7 million settlement in order to bring about a better return for group members, a judge has been told.

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Common fund orders under attack again in Takata airbags class action
Class Actions 2020-09-16 2:47 pm By Alison Eveleigh

Common fund orders are again under scrutiny in a class action which was at the centre of the High Court’s decision to strike down the orders, with a NSW Supreme Court judge sending back to the appeals court the question of whether the orders can be made at settlement.

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‘Horrendous class action journey’: BoQ case should be focus of inquiry, group members say
Class Actions 2020-07-15 11:23 pm By Miklos Bolza

Elderly victims of Ponzi schemer Bradley Sherwin have told the government’s class action inquiry of their “horrendous class action journey”, which led to a “pathetic outcome” in which the majority of a $12 million settlement with the Bank of Queensland went to the law firm and funder behind the case.

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