Insurer Atradius has lost its bid to bring a $1.5 billion (US$1 billion) case against four KordaMentha liquidators and 60 financiers of the Arrium group alleging they failed to act under a duty of utmost good faith when agreeing on how to divvy up sale proceeds for several entities.
Construction firm CIMIC has won its bid to view identifying information about institutional investors in a shareholder class action, despite the applicant’s claims it could deter group members from signing on to the case.
In a class action long delayed by a battle over foreign shareholders, BHP Group has finally filed a defence, denying it misled shareholders over a failed Brazilian dam and saying knowledge about the risk of collapse cannot be imputed to the Melbourne-headquartered energy giant.
Lawyerly’s Litigation Law Firms of 2022 racked up precedent-setting victories in a year that continued to see major developments in class action law.
Fintech iSignthis has dropped a $464 million lawsuit brought against the Australian Stock Exchange three years ago over allegedly misleading conduct in relation to the suspension of the company’s shares.
The High Court has declined special leave to a former Rigby Cooke client who unsuccessfully challenged the law firm’s win in a dispute over a $24.5 million East Melbourne development.
Defence shipbuilder Austal and its CEO have agreed to pay a combined $700,000 in penalties for violating the Corporations Act by failing to notify the market of a US$90 million writeback related to the company’s $3.5 billion US Navy warship program.
BHP Group has lost its High Court battle to keep foreign investors from an Australian shareholder class action over the devastating collapse of a Brazilian dam.
Construction firm CIMIC has foreshadowed a fight over “obscure” new pleadings in a two year-old shareholder class action alleging the company failed to keep the market informed about issues with its Middle East operations.
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.