In tossing the sixth securities class action to go to trial in recent years, a Federal Court judge has shown the task of proving shareholder loss is a doozy.
Although finding the former director of Quintis and its auditor, EY, engaged in misleading and deceptive conduct, a judge has dimissed a class action by the sandalwood producer’s shareholders.
Ahead of an eight-week trial in an investor class action in July, ratings agency S&P has lost its bid to throw out the entirety of the expert evidence in the case.
On day one of trial in ASIC’s case accusing ten Star executives of turning a blind eye to money laundering, the court heard about a blue esky bag full of cash and people hiding under blankets to avoid CCTV.
Maurice Blackburn is stuck paying $5.4 million in security in a flex commissions class action against Macquarie, with a judge saying it represents a “business risk willingly undertaken”.
A law firm is challenging an order that it pay $5.4 million in a class action against Macquarie Leasing as security for the lender’s costs, saying concerns about its borrowing capacity were “theoretical and speculative.”
S&P is free to pay for a Rolls-Royce defence in “Rolls-Royce litigation” that alleges the agency engaged in fraud in assigning ratings to risky financial products, a judge has said.
With its new business model of self-funding class actions, Maurice Blackburn can’t get by with an undertaking to indemnify Macquarie for its costs if a case over flex commissions fails.
A class action over S&P’s rosy ratings on risky financial products faces a preliminary fight over the relevance of expert evidence that seeks to prove fraud on the part of the ratings agency.
Four proceedings over COVID-19 business interruption losses will be stripped of class action status, with a judge saying most of the common issues were already determined in test cases.