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Logistics company Brambles has followed through on plans to challenge its landmark loss in a shareholder class action, setting the stage for further appellate court guidance in securities cases, which once routinely settled.
Logistics company Brambles has lost its bid to pause costs orders while it prepares an appeal of the first post-trial win for a shareholder class action, while also flagging a bid to stay determination of group member claims.
After handing down the first post-trial win for a shareholder class action on damages, a judge has assessed the figure owing the lead applicants, and made orders for a lump sum assessment of costs, which he estimated at $20 million.
Before the decision in the Brambles case this week -- the first shareholder class action to succeed at trial -- the path to proving loss from disclosure breaches was a thicket of, well, brambles. Now after six consecutive losses, Justice Bernard Murphy has paved the way for plaintiffs to prevail.
In the first shareholder class action to succeed at trial in Australia, a judge has found logistics chain company Brambles breached its continuous disclosure obligations in relation to an overly rosy 2017 financial forecast amid problems with its North American pallets business.
An administrator has won $1 million more in costs for distributing a class action settlement, but a judge warned any ‘overshoot’ might not be borne by group members.
The lead applicant in a class action over the alleged unlawful detention of 240 Indonesian children and the Commonwealth are locked in a battle over the construction of a $27.5 million settlement reached last year.
Companies and government entities paid out less to settle class actions in 2023 than in the previous two years, with no mega settlements hitting their pocketbooks.
A $27.5 million settlement reached in a class action over the alleged unlawful detention of 240 Indonesian children has won court approval, but the applicant's legal costs remain subject to negotiations.
A class action on behalf of 121 children who allege they were wrongfully detained in adult prisons or immigration detention due to flawed age testing has settled for $27.5 million.