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Businesses bringing a class action over Sydney's $3 billion light rail project are pursuing a bold new claim that the NSW government pay not only for damages related to their nuisance claims, but for the 40 percent commission the litigation's funder wants from a post-trial judgment.
The litigation funder bankrolling a class action on behalf of 383 apartment owners in Sydney’s troubled Opal Tower is seeking a 26 per cent commission totalling $13.2 million of the confidential settlement sum, a court has heard.
The New South Wales government has rejected a class action's claims that it dropped the ball in relation to the identification and management of underground utilities which caused delays in Sydney’s $3 billion light rail project.
A class action on behalf of 3,500 business owners along Sydney’s light rail route has told a court that group members bore the brunt of the project’s delayed construction, described as “a train wreck which could be predicted from a mile away”.
A $13 million commission sought by the funder that bankrolled the Opal Tower class action is stalling settlement approval, as debate continues over whether the funder can recoup the costs of after-the-event insurance from group members.
An appeals court has found that two former executives of collapsed electronics retailer Dick Smith should pay the company’s receivers $11.8 million in damages for approving a dividend payment the company could not afford.
A judge has granted a bid by the operator of Sydney’s billion-dollar Lane Cove tunnel to add a new claim in the five-year-old dispute alleging the concrete lining used in construction was defective.
Although the settlement sum has not been disclosed, court documents in the Opal Tower class action reveal the litigation funder backing the case will seek $13.2 million in commission when the parties appear before the court later this year.
A judge has indicated that he may allow concrete supplier Readymix to be drawn into a five-year-old dispute over alleged defects in the construction of Sydney's billion-dollar Lane Cove tunnel.
The former CEO of failed electronics retailer Dick Smith should be held responsible for approving two dividend payments worth $28.5 million which the company could not afford to pay given it owed millions in unpaid bank loans and supplier debts, an appeals court has heard.