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The litigation funder that backed a recently settled shareholder class action against the directors of collapsed mining company CuDeco and KPMG will seek a 35 per cent cut from the settlement.
A Singapore-listed company that acquired former ASX-listed coal miner Blackgold International is statute-barred from claiming that Blackgold’s former lead auditor should have detected fraudulent transactions in the company’s accounts.
KPMG has fined seven partners, some as much as $180,000, for misusing confidential client information in May.
ASIC has raised the prospect of criminal charges linked to the Shield Master Fund, after bringing civil penalty proceedings alleging up to $530 million in retirement savings was used for unauthorised purposes.
Investment manager Macquarie is the first to face a class action by investors who sank their super into the Shield and First Guardian Master Funds, with other investigations underway.
Construction PRO
Danish renewables company European Energy has reached financial close on its Mokoan hybrid solar farm and BESS in Victoria, with a non-recourse financing package from Deutsche Bank paving the way for construction to begin on the storage system.
A former MWL Financial adviser has been banned for three years for advising clients to invest most of their super in risky classes of the Shield Master Fund, after ASIC agreed to a reduction in the suspension in proceedings before the ART.
One of the KPMG partners who shared confidential client information has stepped away from the firm’s audit with Westpac and will leave the firm.
A judge has questioned the level of detail in a 1,700-page proposed amended pleading in a shareholder class action over the collapse of fund manager Blue Sky, expressing "frustration" at the amount of unnecessary work that goes on in class actions.
A judge has approved a $120 million settlement in a class action against AMP that followed the banking royal commission, saying while it was a “very disappointing outcome” for group members it was still fair and reasonable.