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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.
Construction PRO
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.”
With its new business model of self-funding class actions, Maurice Blackburn can't get by with an undertaking to indemnify Macquarie for its costs if a case over flex commissions fails.