Three units of Perth-based builder BGC Housing Group have been hit with a class action on behalf of thousands of home owners who allege they have been harmed by lengthy construction delays.
Two class actions have failed to convince a judge that the Commonwealth Bank of Australia’s money laundering compliance failure which led to a $700 million penalty was “law breaking on a grand scale” that should have been disclosed to the market, the latest shareholder case to flop after being taken to trial.
Omni Bridgeway will book a smaller-than-expected loss from its investment in failed shareholder class actions against the Commonwealth Bank of Australia that it spent close to $10 million on, having curbed its exposure by selling a stake in the group proceedings.
A judge has retroactively validated the appointment of BDO as auditor for litigation funder Omni Bridgeway after EY resigned due to a class action conflict, saying the failure to seek shareholder approval for the appointment was not the result of a blatant disregard for its obligations.
Awaiting judgment in Federal Court class actions by shareholders over its money laundering risk disclosures, the Commonwealth Bank will ask the court to reopen the case to consider the relevance of two recent decisions that found shareholders in other class actions had failed to prove loss.
The federal government has hit back at a class action over an outbreak of white spot disease in South-East Queensland that decimated the commercial prawn industry, pointing the finger at several importers and saying farmers failed to mitigate their own losses.
A law firm is mulling a class action against Toyota over paint on certain Corolla models that allegedly peeled when exposed to sunlight or ultraviolet light, in alleged breach of the acceptable quality guarantees under the Australian Consumer Law.
Perth-based homebuilder BGC Housing Group will face a class action on behalf of thousands of home owners who allege they have been harmed by lengthy construction delays.
Boutique law firm William Roberts has lured Omni Bridgeway’s former managing director for Asia Pacific to grow its litigation team.
IG Markets has been hit with a class action on behalf of up to 20,000 everyday investors who have allegedly lost hundreds of millions of dollars trading in risky financial products known as contracts for difference, or CFDs.