Engineering services company CIMIC will fork over $32.4 million to settle a shareholder class action, with group members expected to get 40 per cent of the settlement total if the court approves the requested legal costs and funder’s commission.
Engineering services company CIMIC has agreed to settle a long-running shareholder class action launched in the wake of media reports of an alleged $42 million bribe paid by the firm to win a lucrative oil contract.
A judge has ordered engineering services firm CIMIC Group to pay the costs of a 2017 attempt to stay a competing class action against it, saying the bid was one the company “could never have successfully prosecuted”.
Engineering services company CIMIC has won a challenge to the pleadings in a shareholder class action against it, with the Federal Court striking out deficient paragraphs but giving the class a chance to replead.
Engineering services firm CIMIC Group has attacked the pleadings in a shareholder class action against it, saying needlessly convoluted paragraphs containing a “numerically vast number of contingencies” should be struck out.
A shareholder class action against CIMIC Group will fight a strike out application it has slammed as an “opportunistic” late-stage move by the global engineering firm made only because the trial was previously vacated.
Group members in the Fitch Ratings class action have recovered almost 95 per cent of their losses in a $27 million settlement, which was narrowly approved after a judge scolded the parties for a lack of clarity around the mediation and opt-out process.
Parties in an ongoing four-and-a-half year long investor class action against Fitch Ratings have agreed to a second round of mediation after a prior attempt was adjourned without success.
The lead applicant in a shareholder class action against global engineering firm CIMIC Group has made a bid for indemnity costs, after a last-minute subpoena of three former executives led to the trial being vacated.
The Full Court has denied a bid by Deep Investments to vary orders dismissing its case against a solicitor and six others over $10 million in alleged share trading losses, saying this would amount to allowing the investment adviser to bring a different claim.