Former legal representatives of companies in the Mayfair 101 group are considering an application to strike out part of an appeal that alleges their “flagrant incompetence” led to director James Mawhinney copping a 20-year ban on soliciting investor funds.
A funder that’s helping foot the bill in a class action against Arrium’s former directors and KPMG may withdraw support if the law firm that’s running it is not granted an order awarding it 40 per cent of any award or settlement.
A case before the High Court could have major implications for company directors, giving shareholders in class actions the power to drag them before court for public examination.
Rio Tinto will face a penalty in proceedings brought by the Australian Securities and Investments Commission alleging the mining giant misled shareholders about the resources of a Mozambique mining company it acquired for $5.8 billion in 2011 and later offloaded for $70 million.
Shareholders in a class action against failed steel giant Arrium and KPMG have lost their bid for KPMG’s complete audit file for Arrium to probe the Big Four accounting firm’s handling of the steel producer’s financial statements before its collapse in April 2016.
A leading climate change lawyer at Baker McKenzie has made the jump to Gilbert + Tobin, less than a year after the US firm’s renewable energy practice lost its global co-head and two partners to another Big Six firm.
Ashurst has bolstered the ranks of its financial regulation team with the appointment of long-serving Clayton Utz partner Narelle Smythe, who joins the firm’s team in Sydney.
A judge has dismissed an urgent application to block Qantas from taking disciplinary action against unvaccinated employees, but the airline has committed to extending their leave with pay until a challenge to its COVID-19 vaccination policy can be heard.
Forum Finance director Bill Papas’ cousin has hit back at Westpac’s allegations he wrongfully received $720,000 from the alleged fraudster in violation of freezing orders made in the bank’s lawsuit, which seeks to recoup $294 million paid into an alleged fraudulent scheme.
If evidence were needed that courts are not rubber stamping class action settlements, the scrutiny of multi-million dollar agreements in 2021 is proof positive that judicial oversight of representative proceedings is robust.