Elizabeth Collins

In explaining where CBA shareholders went wrong in proving damages from the bank's omissions over an AUSTRAC probe, the Full Federal Court has given class action plaintiffs the clearest indication yet of how they might win.

A class action against CMC Markets has won access to data thought to reveal that approximately 2,500 customers who failed screening tests for risky financial products were nevertheless permitted to trade. 

The failure of two class actions to prove loss linked to the Commonwealth Bank's disclosure breaches was not the fault of the bank, an appeals court has held in dealing the latest blow to shareholder group proceedings. 

Resolving a split between courts, the High Court has confirmed that judges have power to make soft class closure orders, which require class action members to register before mediation to participate in any resulting settlement.

A $43 million settlement in a class action alleging Noumi misled investors about its inventory is fair and reasonable in light of confidential information about the food company's financial position, a court has heard.

Lawyers for a former partner of tax advisory firm Greenwoods & Herbert Smith Freehills will cease to act for him in his case alleging he was sacked for complaining about client Lendlease’s “aggressive taxation position”. 

Noumi and auditor Deloitte will pay $43 million to resolve a class action alleging the company misled investors about its inventory, and the class action will make a play for a $5 million penalty agreed to in ASIC proceedings.

An appeals court has overturned a finding that food company Noumi waived privilege over a PwC report commissioned by Ashurst, which it produced to ASIC under voluntary disclosure.

ASIC wants the Full Court to overturn a finding that Noumi waived privilege over a PwC report produced under a voluntary disclosure regime, arguing the regime benefits the public in making investigations more efficient.

Class closure orders are "anathema" to the purpose of group proceedings in facilitating access to justice and should never be ordered, the High Court has been told.