The approval of a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG has been postponed to allow time to notify creditors and unitholders that they won’t see a cent, an outcome the judge called “a long way from litigation in any traditional sense”.
The Kingdom of Spain is contesting attempts to enforce two arbitration awards worth $392 million in the Federal Court, claiming sovereign immunity as it attempts to shut the proceedings down.
The liquidators of Gold Coast fund manager Equititrust are seeking court approval of a confidential settlement of two proceedings brought against KPMG for allegedly failing to properly audit the firm prior to its collapse.
Parties in an ongoing four-and-a-half year long investor class action against Fitch Ratings have agreed to a second round of mediation after a prior attempt was adjourned without success.
A Queensland Supreme Court judge has given the green light for a $30 million settlement of a liquidator’s case against failed financial services firm LM Investment Management, saying the result was appropriate and “a matter of some public interest”.
One of two lead applicants in the settled Arasor shareholder class action has been denied leave to be heard over its $1 million personal expenses dispute with litigation funder International Litigation Partners after missing a filing deadline, with a judge calling its handling of the case “shambolic”.
The High Court has granted ASIC special leave to appeal a judgment that let a former director of Gold Coast finance company MFS Group partially off the hook for $147.5 million in misappropriated funds, after ASIC argued the High Court should intervene to clarify the scope of the word “officer” under the Corporations Act.
A battle over expert evidence in an invester class action against Fitch Ratings has delayed this month’s scheduled trial in the case by three months and forced the court to send the parties’ experts into conclaves.
A judge has dismissed an application by the Australian Securities and Investments Commission to investigate two Sydney-based liquidators, saying the regulator had failed to prove its suspicions about the pair.
The battle over competing shareholder class actions against logistics tech company GetSwift is over, with the High Court rejecting a bid by one of the losing class action applicants to take another look at their case.