Two failed shareholder class actions against Commonwealth Bank have been returned to a judge to decide if ‘no transaction’ claims can still be pursued, a move CBA argues is a way to keep alive cases that are “truly dead”.
The shareholder leading a class action against failed fund manager Blue Sky Alternative Investments has lost a bid for a split trial it accepted was novel, despite arguing the usual course for trials in securities cases was “misconceived”.
French bank Societe Generale has been hit with a $3.88 million fine for allowing two clients to place suspicious orders on the electricity and wheat futures market, following an investigation by ASIC.
Following the failure of two class actions to prove market-based loss from the Commonwealth Bank’s disclosure breaches, the bank is fighting the class actions’ bid to pursue individual ‘no transaction’ cases, saying they were “trying to keep something alive that is truly dead”.
German investment firm Aurelius can add new claims in a dispute with explosives company Orica over a $180 million acquisition, but a judge has called out solicitors for both sides for filing material of “inordinate length” on an application concerning well-established law.
Media mogul Antony Catalano will not be required to provide evidence about a deal between Keybridge Capital and Magellan Financial Group after claiming it could put him at risk of incriminating himself as ASIC probes the transaction.
Building materials company James Hardie may face scrutiny by class action law firms after a profit-drop announcement saw its ASX share price plummet.
Under investigation by US class action firms for a stock price crash that followed last week’s announcement of a profit drop, Australian building materials giant James Hardie may also face the glare of homegrown law firms.
Online trading platform IG Markets must pay over $5.5 million in damages to a customer, with a court finding a contract term that purportedly allowed it to reverse transactions made in error was unfair.
A judge has cut a 35 per cent contingency fee sought by a law firm running a shareholder class action against Origin Energy, even after a different judge approved the rate in a separate case by the firm.