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The High Court has agreed to hear the appeals of two former Dick Smith exes following judgments that awarded a total of $55 million in damages to NAB and the receivers of the defunct electronics retailer.
Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.
Two former executives of defunct electronics retailer Dick Smith have asked the High Court to hear their challenge to a $11.8 million damages award for approving a dividend payment the company could not afford.
Several lenders have appealed a ruling that found they failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse, saying it was a “no brainer” that the company was in dire straits when its directors sought extra funds.
A judge has signed off on a $56.3 million settlement in a class action against wealth manager Colonial First State that will see Maurice Blackburn earn $14.5 million in costs, saying it was a good example of the class action regime in operation.
The High Court has dismissed Crown Resorts’ bid for special leave to appeal in a $100 million dispute over GST assessments on commissions and rebates paid to tour operators that directed international VIP gamblers to two of its casinos.
Law firm Maurice Blackburn will ask a court to approve $14.5 million in costs for running a class action against Colonial First State that has settled for $56.3 million, giving account holders 75 per cent of the proceeds.
Colonial First State will pay $56.3 million to settle a class action that accused the wealth management group of delaying the transfer of $3.2 billion in customer funds to low cost MySuper accounts.
The Federal Court won't permit a Melbourne-based judge to travel to Sydney on the dime of the parties in a class action against wealth management group Colonial First State, but will foot the bill itself.
The law firms and barristers who defended former Dick Smith directors in sprawling litigation over the failure of the electronics retailer earned close to $68 million in fees, a court has heard.