National Australia Bank and HSBC should be “jointly and severally liable” to pay a portion of the costs of a failed case brought by Dick Smith’s receivers against the company’s former directors because the banks stood to gain financially if the lawsuit was successful, the NSW Supreme Court has heard.
Accounting giant Deloitte has lost its bid to throw out a former client’s lawsuit alleging negligence and fraud over a failed interposition under tax law that occurred more than 16 years ago.
Dick Smith’s former CFO will appeal a $43 million judgment in favour of National Australia Bank over his role in the retailer’s collapse.
A judge has rejected an application by the plaintiffs in two class actions against Freedom Foods and Deloitte to run their cases side-by-side, but said she would have granted a bid to consolidate the proceedings had that been sought.
Recent changes to the law requiring funded class actions to be registered as managed investment schemes have complicated the question of how best to resolve the multiplicity issue in two class actions brought against Freedom Foods and Deloitte.
A judge has criticised the liquidators of collapsed financial group Linchpin Capital after they failed to inform the court whether they intend to defend class action proceedings or if default judgment should be made against the company.
Deloitte has agreed to settle a $3.8 million lawsuit brought by a partner that challenged the accounting firm’s mandatory retirement policy.
The stage is set for a beauty parade of two shareholder class actions against Freedom Foods and Deloitte, and the judge overseeing the cases has embraced the recommendation of the High Court to appoint an independent barrister to represent group members in the contest.
Deloitte has failed to set aside a request for documents recording talks with partners about retirement after they turned 62, in a closely watched age discrimination lawsuit challenging the accounting firm’s mandatory retirement policy.
Deloitte is seeking to set aside a subpoena for documents recording chats with partners about retirement after they turned 62, in a closely watched age discrimination lawsuit challenging the accounting firm’s mandatory retirement policy.