The High Court has unanimously found the Federal Court has no power to allow solicitors to take a cut of a settlement or judgment in a shareholder class action against Blue Sky, saying it would be contrary to rules against contingency fees in NSW.
A judge has allowed Charter Hall to respond to developer Pro-Invest’s expert evidence in a case claiming $100 million in damages for the lost opportunity to build a 26-storey hotel in the Sydney CBD.
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.
Former franchisees involved in a class action against RAMS are seeking to intervene in ASIC civil penalty proceedings against the defunct Westpac subsidiary.
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.
CityLink operator CML, which was found to have overcharged Eastlink operator ConnectEast, has argued that it also overpaid and is entitled to damages, but ConnectEast has told a judge the claim is time-barred and doesn’t fall within a cross-claim exception.
The funder that backed a failed shareholder class action against an ex-Quintis director and EY is fighting a bid for a third-party costs order, arguing such orders shouldn’t be imposed on funders where there is no doubt they will pay up.
A judge has approved a $3.5 million settlement in a class action brought by former clients of Sydney fraudster Melissa Caddick.
As the High Court hears oral arguments this week on the reach of power to make common fund orders for firms and funders bringing class actions, Lawyerly gives a cheat sheet on what the justices could do.
A judge is concerned that if he approves all payouts sought by lawyers and funders from a $13.5 million settlement in a class action against a Quintis director, group members will only he left with just 18 per cent.