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ASIC may reconsider its approach to claims against non-executive directors after failing to prove that three NEDs of Rex had actual knowledge that the failed budget airline did not have a reasonable basis for a rosy profit forecast, experts told Lawyerly.
ASX Limited has told a judge it did not intend to mislead shareholders when it told the market that its CHESS replacement project was “progressing well” and that a $20.5 million penalty was sufficient to achieve deterrence.
Logistics company Brambles has followed through on plans to challenge its landmark loss in a shareholder class action, setting the stage for further appellate court guidance in securities cases, which once routinely settled.
Credit Suisse has dropped its claim for indemnity against insurance agent BCC under a trade credit policy issued prior to Greensill Capital’s collapse in 2021, with a judge hearing the admission marks a "complete u-turn in the case".
Former Keybridge CEO Nicholas Bolton has faced questions about a $4.75 million bonus he was paid on a $17.8 million deal with fund manager Magellan, on the second day of trial in proceedings by WAM over two transactions its alleges were oppressive to shareholders.
An application by the funder of a class action over the compulsory acquisition of land for Sydney's WestConnex project to replace the plaintiffs has been ajourned a third time by an increasingly frustrated judge.
A judge has pushed off an eight-week trial in a class action on behalf of Sydney homeowners who allege their homes are sinking into the ground, after filing deadlines were not complied with.
ASIC has won its case alleging Regional Express failed to correct an optimistic forecast before it entered administration last year, but failed to prove the company's optimism conveyed a "likelihood" or that three non-executive directors had actual knowledge of the collapsed budget airline's declining business.
A judge has ordered soft class closure in a class action by Queensland police officers and staff over the COVID-19 vaccine, forcing group members to register for the case ahead of settlement talks.
A judge has found that ASIC's case against WA gold mining company Wiluna over alleged omissions in a 2022 ASX announcement should await the determination of related cases against two executives, citing the risk of inconsistent findings.