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Companies and government entities paid out less to settle class actions in 2023 than in the previous two years, with no mega settlements hitting their pocketbooks.
The funders that bankrolled a securities class action against collapsed engineering firm RCR Tomlinson will ask the court to give them an $8 million cut of a $40 million settlement. A further $12 million in legal fees means shareholders will get 50 per cent of the settlement sum.
ASIC has escaped an individual insolvency practitioner’s bid for indemnity costs in its failed case alleging illegal phoenix activity, with a judge finding the regulator did not unreasonably reject a settlement offer that would have netted it “a considerably better result” than it won at trial.
Two Catholic school teachers are entitled to pay rises included in new enterprise agreements, despite resigning before they took effect, an appeals court has found.
Twenty-four former clients of Melissa Caddick who were defrauded out $24.5 million have filed a class action against the auditors of the self-managed superannuation funds they used to invest their retirement savings with the Sydney fraudster.
Livestock drug company Zoetis has agreed to accept a $2.1 million payout to cover its costs in successfully defending a class action dubbed "totally off the planet" by a judge.
Monash IVF is gearing up for a legal privilege fight as it faces new claims about the team of senior doctors and directors working on a novel testing technique at the heart of a class action, including claims that one doctor “burnt paper evidence” from a trial of the technology.
The judge who rewarded the law firm with the lowest ever GCO proposal with carriage of an $80 million class action this week noted the competitive forces that shaped a “very good deal for group members,” but competition has its downsides, experts say.
Shareholders of failed engineering firm RCR Tomlinson have secured a $40 million settlement in a class action brought over alleged misleading ASX statements.
A judge has dismissed a suit by a former executive producer at Network Ten who claimed she was owed nearly $400,000 in severance pay under an industry award, finding the award did not apply to senior management.