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Further attempts to settle a securities class action against last mile logistics software firm GetSwift would be like flogging a dead horse, a judge has heard as the matter works its way towards a final hearing.
GetSwift has been criticised for its "quite unfair attack" on a Federal Court judge who refused to disqualify himself from hearing a shareholder class action against the logistics software company after presiding over ASIC's civil penalty proceeding against the company.
Last-mile logistics software company GetSwift has ceased trading on the ASX after its relocation to Canada got the greenlight by the Federal Court and FIRB despite the company facing ongoing litigation in Australia.
A judge has found that a plan by last mile logistics software company GetSwift to relocate to Canada in the midst of ongoing civil litigation would not "disproportionately prejudice" ASIC, which is seeking penalties against the company.
A judge has indicated she will approve GetSwift's plans to relocate to Canada, despite concerns raised by ASIC, but will wait until the company has received approval from the Foreign Investment Review Board.
Logistics software company GetSwift has tried to assure the Federal Court that an attempt to relocate to Canada is not for the purpose of avoiding pecuniary penalties and damages in civil proceedings brought by ASIC and a $50 million shareholder class action.
A judge has said she was “currently minded” to sign off on a scheme of arrangement that would see last-mile logistics software firm GetSwift relocate to Canada, but has sought further submissions on whether any Australian civil penalties sought against the company by ASIC would be enforceable in the Canadian courts.
A judge said Friday that a bid by last-mile logistics software firm GetSwift to relocate to Canada as it faces a potential $20 million civil penalty from ASIC and a $50 million class action was "not a good look".
Last-mile logistics software firm GetSwift has offered a last minute undertaking that it will be covered for any judgments and penalties in a class action and ASIC case, after a judge expressed concerns about the company's bid to redomicile to Canada amid the ongoing litigation.
ASIC and the applicant in a class action against GetSwift have intervened in an application by the logistics provider to relocate its headquarters to Canada, aiming to ensure shareholders are aware of the potential outcomes of the regulator's enforcement action, which include banning orders against directors Bane Hunter and Joel Macdonald.