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A judge has approved a $40 million settlement in a shareholder class action against collapsed engineering firm RCR Tomlinson, with almost half of the settlement to go towards a funder’s commission and legal fees.
The auditors of self-managed superannuation funds that clients of Melissa Caddick invested with the Sydney fraudster and her company Maliver have hit back at class action claims, saying the clients have themselves to blame for handing over “direct control” of their funds.
The liquidators for Halifax Investment Services were justified in reaching a compromise settlement in proceedings against King & Wood Mallesons alleging the firm and former auditor Bentleys failed to advise the defunct stockbroker that it had to hold client funds used to trade on its online platform on trust, a judge has found.
A client of EY has sued a former partner at the firm, accusing them of collecting $700,000 in secret payments as part of a tax loss scheme.
King & Wood Mallesons has settled a lawsuit by defunct stockbroker Halifax Investment Services alleging the firm and former auditor Bentleys failed to advise that it had to hold client funds used to trade on its online platform on trust.
A special leave application by the Catholic diocese fighting to overturn a Full Federal Court judgment that two school teachers were entitled to backdated pay rises has failed.
A judge has railed against the parties in a class action against Sydney-based plastic surgeon Daniel Lanzer and four of his associates for “repeated failure to comply with court orders” in the two-year-old case.
Developer Centurion Australia Investments has lost an appeal in a dispute with builder APM Group in which it argued that its RMIT Village student accommodation falls under laws applying to domestic buildings.
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.