The applicant in a class action by former RAMS franchisees can’t intervene in proceedings by ASIC against the defunct Westpac mortgage unit, with a judge finding the outcome of the ASIC case will not affect the class action.
Westpac’s defunct mortgage unit RAMS has accused a class action by former franchisees of attempting to “hijack” civil penalty proceedings by the corporate regulator by seeking to intervene in the case.
The judge who tossed a class action by Quintis’ shareholders should have found a restatement of assets would have materially affected the sandalwood company’s share price “as a matter of common sense”, a court has been told.
A judge has approved a $43 million settlement in a class action action alleging Noumi misled investors about its inventory, including a 22 per cent group costs order to be split between the two law firms that ran the case.
The funder of a failed class action against the founder of sandalwood producer Quintis and EY and has been hit with costs, despite arguing the order would set a bad precedent.
A court has clarified that BaptistCare Community Housing can use a social housing property in Five Dock to secure a loan from Housing Australia for improvements at the site.
A $43 million settlement in a class action alleging Noumi misled investors about its inventory is fair and reasonable in light of confidential information about the food company’s financial position, a court has heard.
Fitch Ratings has lost its bid for summary dismissal of claims in a class action over allegedly rosy ratings for risky derivative financial products issued 17 years ago on the basis that they are time-barred.
Maurice Blackburn is stuck paying $5.4 million in security in a flex commissions class action against Macquarie, with a judge saying it represents a “business risk willingly undertaken”.
A law firm is challenging an order that it pay $5.4 million in a class action against Macquarie Leasing as security for the lender’s costs, saying concerns about its borrowing capacity were “theoretical and speculative.”