A contradictor appointed to represent group members’ interests in relation to a $100 million settlement in a class action against AMP wants to shave $2.6 million off the funder’s cut, telling the court that deductions for ATE insurance and administrative fees should not be approved.
ASIC has won its bid to appoint receivers to a managed investment scheme run by Keystone Asset Management after expressing “grave concerns” that investor funds were used to pay sports stars and buy a $4.3 million home for its former director.
The Australian Conservation Foundation has reached an agreement with Woodside Energy to drop proceedings over the company’s Scarborough gas project in Western Australia, which alleged the $16.5 billion joint venture could not go ahead until its climate impacts were assessed.
Bond & Credit Company has lost its bid to bring a new claim in defence to $6 billion proceedings over the collapse of Greensill that alleged the financial services company failed to disclose its “moral hazard” behaviour of being dishonest with insurers.
A judge has struck out an allegation by the builder of Sydney’s Opal Tower that insurer Liberty Mutual breached its duty of good faith and has warned Icon to carefully consider whether to re-plead the claim.
Booktopia’s administrators have been given more time to try to sell the online bookseller after receiving 100 expressions of interest, with a judge finding it could yield greater returns for its 170,000 creditors, who are owed a total of $68 million.
A shareholder class action against BHP has sought more time to finalise its pleadings ahead of trial, after a judge threw out two class actions against the Commonwealth Bank that also alleged continuous disclosure breaches.
The builder of Sydney’s troubled Opal Tower has brought a claim for indemnity against insurer Liberty Mutual, which has already agreed to pay out $22.5 million, claiming it is owed a total of $12.5 million for its costs in defending a class action by residents.
The French association representing wine producers from Champagne has discontinued its lawsuit against an Australian retailer after it agreed to only use seed extract from the Champagne region of France.
The corporate regulator has secrued orders barring fintech giant PayPal from enforcing a term in its contracts with small businesses that set a two-month deadline for complaints about excess fees.