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Two Gosford-based smash repair businesses have won an appeal in a dispute with AMA Group over the earn out amount the ASX-list company owed under an October 2018 agreement to purchase the companies for $4.8 million.
Although carefully reasoned, last week's landmark judgment by the Full Federal Court finding power to grant contingency fees to class action solicitors has placed the question of statutory authority to award settlement common fund orders on more unsteady ground than before, experts say.
Counsel for Worley in a nine-year-old shareholder class action that is set for another Full Court appeal has foreshadowed a possible recusal application against the judges who heard the first appeal.
The Full Federal Court has found the court's recently-affirmed power to make common fund orders at settlement means the litigation funder that backed two class actions against 7-Eleven is entitled to a $24.5 million cut from a $98 million settlement, in a decision that slammed the parties for a settlement approval process that "went off the rails", costing group members $2.5 million.
A class action against Transport for NSW over the alleged fraudulent acquisition of land to construct the $16 billion Westconnex tunnel in Sydney has been put on ice until the funder and the lead plaintiff can resolve a potential dispute.
A judge hearing an appeal by a funder over its cut of a $98 million settlement in franchisee class actions against 7-Eleven has said the $12 million commission was “plainly too little”, and questioned if the class action judge had been "stuck" on the idea that common fund orders are bad.
The son of the architect of the Banksia class action fraud has been struck from the roll of lawyers by a Supreme Court of Victoria judge, who on Monday also approved a settlement with companies linked to the disgraced senior counsel for the case.
Greensill Capital's UK division has won a stay of several lawsuits over the supply chain financing firm's $1.7 billion collapse, but an insurer has already flagged a bid to press on with its claims against the company.
A judge has indicated he will approve settlements totalling $2.7 million reached with disgraced senior barrister Norman O'Bryan and a cost consultant retained by the legal team behind the Banksia class action fraud.
The value of assets held by companies linked to the late Banksia Securities class action funder is expected to top the $19 million owing on a court judgment against the fraudster and his c0-conspirators.