A judge has sided with five investments banks and rejected a bid to amend a class action alleging a series of cartel agreements to rig foreign exchange rates, saying there were “substantial problems” with the proposed pleadings.
Andrew Hopkins has resigned from his position as group CEO of automotive repair firm AMA and has discontinued his lawsuit against the company despite a Federal Court injunction barring his dismissal amid allegations of fraud.
Concerns behind criticism that courts aren’t equipped to assess a class action funder’s commission are exaggerated, and the fixing by judges of reasonable remuneration, at least in other cases, is nothing new, a Federal Court judge has said.
A $100 million shareholder class action against supermarket giant Woolworths has settled for $44.5 million, a few days before a 15-day trial was set to begin.
The High Court will hand down its ruling Wednesday in a high-stakes case between ASIC and Westpac that is expected to clarify the line between personal and general financial advice.
ASIC chair James Shipton will step down from his role despite being cleared by an independent review into $118,000 in payments related to his relocation from the US in 2018.
Automotive firm AMA Group will seek to discharge an injunction preventing it from dismissing a CEO who has been accused of defrauding the company of “hundreds of thousands of dollars” and damaging its reputation with major partners.
A judge has hit a Port Melbourne container terminal with costs for wasting time in a $80 million lawsuit against the CFMEU over picketing at the world’s first fully automated container terminal, finding the company’s explanations for the delay, including that COVID-19 had slowed it down, were “inconsistent” and “odd”.
A lawsuit seeking to increase D&O insurance for sandalwood producer Quintis in the wake of a class action settlement has fallen short of the $40 million in additional coverage sought, but a Federal Court decision may see a further $11.25 million go to group members.
Multinational pharmaceutical company Dr Reddy’s has launched a lawsuit against a Melbourne biotechnology company’s directors as well as venture capital firm OneVentures, alleging they sold it dodgy lice treatment which was forecasted to make over US$100 million.