The funder and law firms that ran a shareholder class action against BHP over the collapse of the company’s Samarco Fundão dam in Brazil will seek approval for deductions that will see half of the $110 million settlement go to group members.
The firm wants a bigger slice of any recovery in its case against Paladin Energy, but its clearer funding arrangement and realistic litigation budget give it the edge over a rival class action outfit, a judge has found.
A contest to run a class action against Paladin Energy played out Monday, with two law firms each positioning themselves as the better bet, one for their funding and resources, the other for their contingency fee rate.
AMP has agreed to pay $120 million to settle a class action stemming from the banking royal commission which accused it of overcharging millions of superannuation members over a 12-year period.
A shareholder class action over BHP’s disclosures about a Brazilian dam that collapsed 10 years ago has settled for $110 million on the eve of trial, one of a handful of class actions to settle for over $100 million.
Former director of fintech iSignthis, John Karantzis, plans to appeal a ruling that slapped him with a $1 million penalty and disqualification orders for allegedly providing misleading information to shareholders.
A judge has handed iSignthis and its director $11 million in penalties for failing to give adequate disclosures and giving misleading information to the ASX, saying reliance on legal advice was no reason to reduce the fine.
The High Court has declined to weigh in on when a court should step in when the machinery governing the entitlement to payments in a contract breaks down, in a dispute between builder Glenvill and Amcor over asbestos remediation at an industrial site in the Melbourne suburb of Alphington.
BHP has pushed back on reply submissions in a shareholder class action which the energy company says mistakenly interpret an internal report as putting the risk of collapse of BHP’s wastewater dam in Brazil at 25 to 50 per cent.
The High Court has rejected a special leave application from a shareholder class action against BHP asking it to clarify the correct approach to construing the group member definition.