Judges do not have the power to approve a class action settlement without first issuing an opt-out notice to group members, the court-appointed contradictor in two shareholder class actions against online fashion retailer Surfstitch told the NSW Supreme Court Thursday.
Cereal giant Sanitarium and retailer Rebel Sports are challenging a decision dismissing proceedings against a UK marketing company amid a contractual dispute over a recent joint promotional campaign.
The decision by a federal judge to refuse calls for a confidentiality order keeping under wraps S&P Global’s massive class action settlement is a welcome one, experts say, and a preview of judgments to come.
S&P Global will pay $215 million to settle six consolidated class actions brought by investors over toxic CDOs, a figure revealed by the Federal Court on Thursday despite calls that it be kept secret.
The Public Trustee of Queensland asked a court Wednesday for indemnity costs from a global litigation funder its says was the “real moving force” behind a dismissed investor class action it called a “nakedly speculative venture”.
A court has dismissed proceedings filed by cereal giant Sanitarium and sports equipment retailer Rebel Sports against a UK-marketing company over a risk transfer agreement that promised to indemnify the companies for a recent joint promotion campaign.
A judge has given the green light to a settlement of seven class actions against ratings agency S&P Global over toxic financial products, saying despite an “extraordinarily large” litigation funding fee the deal was a “significant vindication” of group member claims.
The lead applicant in an investor class action against Fitch Ratings will get its hands on internal reports detailing why the agency assigned a Triple A rating to Sigma Finance Corporation ahead of its 2008 collapse, and whether it could have predicted the fall of the $27 billion investment fund.
The Full Federal Court expressed doubts Tuesday about an “unusual” and “heavy handed” order restraining lawyers leading the stayed class actions against GetSwift from advising their clients about whether to opt out of the prevailing action.
The judge overseeing the GetSwift class action proceedings was bent on picking a winner from the outset and should be removed from the case for rehearing, a barrister for one of the losing law firms told the Full Federal Court Monday.