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KPMG has told a judge there is no evidence that Arrium's share price would have changed even if it had recorded a $2.8 billion impairment, urging the judge to reject the shareholder class action's "intuitive" case on loss.
Former directors of steelmaker Arrium have rejected shareholder class action claims that the company's collapse was foreseeable, calling claims they had their heads in the sand “arrant nonsense”.
KPMG failed to bring the necessary scepticism to the task of auditing failing steel manufacturer Arrium, instead leaving contradictory evidence unresolved and giving the company a clean bill of health, a shareholder class action has told the court.
A shareholder class action against KPMG and ex-Arrium directors says the company's accounts were infected by "chronic and systemic overoptimism", with the former operator of Whyalla Steelworks portraying as viable a business that was impaired up to $2.8 billion.
As proof of its popularity as a class action jurisdiction, the Supreme Court of Victoria will hear opening submissions in three class action trials on Monday, an unprecedented number in a single day for the court.
A judge is not too thrilled about the ACCC's bid for details of Microsoft's defence in a suit alleging the software giant duped millions of customers into upgrading to more expensive product plans, saying "it pains me the court has to take time" to hear the application.
Though previously acknowledging it "could have been clearer" Microsoft has hit back at claims it duped millions of customers into upgrading to more expensive product plans, saying its cheaper, 'legacy' plan was only available to subscribers who sought to cancel.
A shareholder class action against Arrium directors and auditor KPMG over the $4 billion collapse of the steel manufacturer is seeking to amend its case, saying a “misreading” of the original pleading is no basis to refuse the application.
A judge has approved a $37.35 million settlement in a class action alleging fintech EML Payments failed to promptly disclose anti-money laundering and counter terrorism compliance concerns.
The ACCC wants to exclude parts of caravan maker Jayco’s expert design evidence in a case over alleged misleading representations that its vehicles were suitable for off-road or four wheel drive use.