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Construction company Clough Limited has appealed a ruling that found it cannot claim over $15 million paid to employees for cancellation of their shares and options as a tax deduction.
A judge has found the lead applicant and funder in a discontinued class action against Pitcher Partners over its auditing of Slater & Gordon must pay the bill for the flurry of cross-claims brought in the proceeding, but has rejecting the accounting firm's argument that its costs should be paid on an indemnity basis.
Construction company Clough Limited cannot claim over $15 million paid to employees for cancellation of their shares and options as a tax deduction, with a judge dismissing the Perth-based company’s appeal of a decision from the Commissioner of Taxation.
A judge has found that auditor Ernst & Young cannot rely on the privilege against self-incrimination in a lawsuit brought over its audits of failed financial services firm LM Investment Management.
Pitcher Partners says the lead applicant in a discontinued class action over its auditing of Slater and Gordon should cover the costs for cross-claims it brought against nine parties, including the law firm and several of its former directors.
Ernst & Young is facing a claim for $12 million damages in a lawsuit over its auditing of collapsed soda ash maker Penrice.
The Australian liquidator of Lehman Brothers has filed a lawsuit seeking $40 million from Fitch Ratings for assigning too-rosy ratings to toxic financial products sold by the bank, following the discovery of a hidden table in Fitch's rating model by the lawyers leading a now-settled class action against the accounting firm.
Deloitte chairman Tom Imbresi has defended a move by a firm partner to make off with the audit file of collapsed construction company Hastie after a court ordered it be produced to the applicant in a class action against the accounting giant.
Accounting giant Ernst & Young, which has been dragged into two class actions by Slater & Gordon shareholders, has shot back at claims it was negligent in its 2015 audit report of the law firm's UK division, which included a review of the firm's disastrous acquisition of Quindell's professional services arm that found no impairment on the goodwill value of the deal.
Activist US short seller Bonitas Research is refusing to participate in legal action brought in Australia by Rural Funds Group, as it continues to press allegations of fraud, which sent the agricultural fund manager’s share price plummeting.