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Two landmark class actions seeking damages from the Victorian government for economic losses suffered during last year's second wave of COVID-19 have been thrown out, but one of the cases will be given a second chance to proceed.
A judge has dressed down ASIC over the handling of its action against GetSwift, criticising the regulator's failure to seek a court injunction to prevent the company's relocation to Canada.
The battle to lead a shareholder class action against Nuix over its $1.8 billion initial public offering is on, with a second class action lobbed that accuses the embattled technology company and underwriter Macquarie of failing to alert shareholders to a slew of "red flags" in the business.
Embattled technology company Nuix has been hit with a shareholder class action over its $1.8 billion December float on the ASX.
A judge has indicated he will approve the 'very low' GetSwift class action settlement because the company appeared to be broke, but the law firm behind the case has been pulled up by the court for a previous costs estimate that has blown out by $3 million.
Logistics company GetSwift says it is considering an appeal of an 859-page judgment which lambasted the company and its directors' "public relations-driven approach" to announcements on the Australian Stock Exchange.
The Australian Securities and Investments Commission has scored a victory in its long-running case against GetSwift, with the Federal Court finding the company and its directors breached the Corporations Act and ASIC Act through their "public relations-driven approach" to announcements on the Australian Stock Exchange.
A judge has criticised a proposed settlement notice in a shareholder class action against GetSwift for failing to inform group members of how much they would receive from the "very light" settlement, which relies heavily on the logistics firm's success after relocating out of Australia.
Logistics company GetSwift's settlement of a shareholder class action will see group members share in $1.5 million cash plus access to further funds and revenue raised by the company over a three-year period.
New requirements that funded class actions be run as managed investment schemes will throw up myriad new questions for the courts, with lawyers predicting novel challenges by defendants and group members and an altered landscape for competing class actions.