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A class action over the collapse of Arrium is bound to its pleading that the asset value of all the steelmaker's business units was impaired by a total of $2.8 billion, a judge has ruled in the second week of trial.
A mid-trial fight has erupted in a class action over the collapse of steelmaker Arrium, with the company's auditor and directors saying the case had swerved, and the plaintiff accusing the respondents of "playing games".
KPMG has told a judge there is no evidence that Arrium's share price would have changed even if it had recorded a $2.8 billion impairment, urging the judge to reject the shareholder class action's "intuitive" case on loss.
Former directors of steelmaker Arrium have rejected shareholder class action claims that the company's collapse was foreseeable, calling claims they had their heads in the sand “arrant nonsense”.
KPMG failed to bring the necessary scepticism to the task of auditing failing steel manufacturer Arrium, instead leaving contradictory evidence unresolved and giving the company a clean bill of health, a shareholder class action has told the court.
A shareholder class action against KPMG and ex-Arrium directors says the company's accounts were infected by "chronic and systemic overoptimism", with the former operator of Whyalla Steelworks portraying as viable a business that was impaired up to $2.8 billion.
A judge has approved a $37.35 million settlement in a class action alleging fintech EML Payments failed to promptly disclose anti-money laundering and counter terrorism compliance concerns.
A judge has adjourned a hearing seeking approval of a $37.35 million settlement in a shareholder class action against EML Payments over concerns about the exclusion of late registrants and claims.
Two senior Johns Lyng Group executives have been dragged into a dispute over the $75 million sale of Nike franchisee Retail Prodigy Group.
Shine Lawyers has withdrawn an application to increase its payout from a class action against EML Payments, which has settled for $37.2 million.