In the latest round of finger-pointing in a consolidated shareholder class action against Noumi, formerly Freedom Foods, the food company has taken aim at Deloitte’s claims that it gave the accounting firm misleading information.
The ruling by the Full Federal Court that funded class actions are not managed investment schemes marks the end of an ill-considered regime enacted by the Morrison government to rein in class actions, but the debate over regulation of litigation funders is not over yet.
A judge has allowed two law firms to jointly run a consolidated shareholder class action against dairy company a2 Milk, saying the arrangement was in the interests of group members and was “not novel”.
Mayfair Group’s James Mawhinney has given an undertaking to not contact group members in a class action against a trustee of the collapsed IPO Wealth fund after allegedly urging investors, through a PR firm, to reject a settlement offer.
A judge who ordered the first ever group costs order in a class action has found that the costs of the application should be borne by the class action.
Investors in Mayfair Group’s collapsed IPO Wealth Fund stand to recoup “a lot less” than their alleged $67 million in losses from a settlement in a class action alleging the fund’s trustee misled the unit holders — but they will take home 75 per cent of the resolution sum, a court has heard.
Two law firms are set to work “hand in glove” in their proposed consolidated shareholder class actions against a2 Milk, with one senior barrister to be dropped as part of the “rationalisation” of the combined team.
Ernst & Young has settled all claims against it in a shareholder class action alleging the Big Four accounting firm and Pitcher Partners signed off on an overly rosy year-end financial report that failed to disclose risks and impairments associated with the law firm’s disastrous $1.2 billion acquisition of UK insurance claims company Quindell.
Victoria’s Emergency Services Telecommunications Authority may be hit with a class action over alleged systemic failures in its ambulance call handling operations that may have led to at least 15 deaths.
A shareholder class action against Treasury Wine Estates has won access to information said to prove there were reduced wine sales in the United States, with a judge finding the wine producer’s redactions of board papers were “not justified”.