Multiple class actions against Downer EDI over accounting irregularities might be bound for the High Court as complex legal questions swirl, a judge said on Wednesday.
A judge has indicated his willingness to approve a $25 million settlement in a class action against dairy co-op Fonterra, but deferred the question of the funder’s cut until after the Full Court rules on whether the court has the power to make a common fund order at settlement.
A recent ruling cutting the contingency fee sought by a plaintiff law firm shows competition to run class actions will drive down the percentage payout courts are willing to permit. And as more firms enter the market for a slice of the returns, the downward pressure on profits will only build.
Eight major banks, including Credit Suisse, Deutsche Bank and Citicorp, are facing a lawsuit for withdrawing financial support for a project to build and launch the first independently owned satellite in Australia.
Creditors of LGL Commodities might have a right of action against solicitors for the company’s liquidators for failing to comply with court orders and omitting evidence in a case against a former director, a judge has ruled.