In a recent decision, Federal Court Justice Jonathan Beach approved the settlement of the securities class action against Sirtex Medical. The approval included the judge making a common fund order and allowing funder IMF Bentham’s commission in the amount of $10 million, namely 25% of the gross settlement sum of $40 million. In approving the commission, Justice Beach noted that the rate should properly provide a reward for the risks undertaken by the funder, writes IMF Bentham’s Gavin Beardsell and Kate Hurford.
Two Westpac units have been hit with a class action over allegedly excessive superannuation interest rates, the third class action filed as part of Slater and Gordon’s $1 billion ‘Get Your Super Back’ campaign.
The judge overseeing a group of class actions against car manufacturers over faulty Takata airbags has questioned a simplified group registration and opt out process proposed by the law firm leading the cases, saying it would “invite a moronic approach” to sign up.
Aged care provider Estia Health has launched a bid to strike out the pleadings in a Phi Finney McDonald-led shareholder class action, accusing the law firm of making “speculative allegations” in the hope of strengthening its case later on.
A shareholder class action against mineral sands producer Iluka Resources has locked in litigation funding, ending months of uncertainty about the fate of the proceedings.
A judge has consolidated two concurrent cases against the former directors and auditors of collapsed construction company Forge Group, after warning the overlapping actions needed to be carefully managed to avoid it becoming an “unrideable bull”.
A class action alleging a conspiracy between ride-share giant Uber and related entities to launch a car service to take business from taxi drivers across Australia has no prospect of success and should be struck out, a lawyer for Uber told a court Wednesday.
The $29 million settlement in the Radio Rentals ‘Rent, Try, $1 Buy’ class action is back on track after concerns by former CEO James Marshall about uncertainty in the deed of settlement were resolved.
WorleyParsons has abandoned its mid-trial application to shut down a shareholder class action, amid uncertainty about whether the engineering company would be required to surrender its right to call reply evidence if it continued with its submission that it has no case to answer.
Engineering services firm CIMIC Group has attacked the pleadings in a shareholder class action against it, saying needlessly convoluted paragraphs containing a “numerically vast number of contingencies” should be struck out.