The Australian Securities and Investments Commission has broadened its case against Rio Tinto and two former executives and is seeking extra penalties.
Two high ranking analysts from S&P Global have distanced themselves from the decision making process at the heart of a class action over toxic financial products given healthy ratings by the agency ahead of the global financial crisis.
A Federal Court judge has questioned the independence of for-hire fee assessors in class actions, calling their opinions on legal costs “next to useless”.
Magic Circle firm Clifford Chance will represent Rio Tinto as it faces legal action in Australia over allegedly misleading investors about the coal reserves of a Mozambique mining company it acquired for $4 billion in 2011.
S&P Global Ratings has reached a settlement in an Australian class action by investors who bought toxic products rated healthy by the U.S. credit reporting agency ahead of the global financial crisis, a deal that includes over $4.6 million in legal fees.