Law firm Quinn Emanuel Urquhart & Sullivan will push forward with an investor class action against failed engineering company RCR Tomlinson on its own, with two firms driving competing actions agreeing to step down after a judge forcibly consolidated all three proceedings.
The plaintiffs in three competing RCR Tomlinson shareholder class actions have been told to “get their act together” by the judge who forcibly consolidated their proceedings, after the parties revealed they were as yet unable to agree on joint funding terms.
The Full Federal Court is set to hear appeals in four class actions in the August sitting, giving the court a chance to address important issues, including cost-capping in joint class actions and security for costs in unfunded cases. Here, we give you the run-down on each of the upcoming challenges.
The judge overseeing three competing shareholder class actions brought against RCR Tomlinson has refused to entertain a beauty contest, instead deciding to consolidate the proceedings whether the parties “agree or not”.
A judge has rejected a proposed common fund order in the settled KPMG class action, saying the funder’s commission was “arguably excessive” and could result in a “stratospheric” return to the firm.
Accounting firm Grant Thornton has thrown off prior concerns and agreed to take on the dual role of scheme administrator of a confidential settlement by KPMG in the Discovery Metals shareholder class action and costs contradictor of Piper Alderman’s $3.5 million legal bill.
The settlement of the Discovery Metals investor class action against KPMG has experienced another setback, after scheme administrator Grant Thornton flagged a potential conflict of interest in acting as a costs contradictor over Piper Alderman’s controversial $3.5 million legal bill.
A judge has refused to approve Piper Alderman’s $3.5 million in legal fees charged for running a class action against KPMG, appointing Grant Thornton as contradictor and giving the auditor the ability to seek assistance from the court for any future disputes about the controversial bill.
Sparke Helmore has refuted allegations by IOOF subsidiary Australian Executor Trustees (SA) that it failed to provide proper legal advice to the trustee on a 2012 pine plantation sale that left 4,500 investors without millions of dollars worth of assets.
IOOF subsidiary Australian Executor Trustees (SA) is facing an $82 million claim for compensation by investors angered by the way the trustee handled the sale of a 42,000 hectare timber plantation run by collapsed forestry giant Gunns Group.