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$27M Fitch class action settlement approved after scolding by judge
Class Actions 2019-07-25 7:10 pm By Amelia Birnie

Group members in the Fitch Ratings class action have recovered almost 95 per cent of their losses in a $27 million settlement, which was narrowly approved after a judge scolded the parties for a lack of clarity around the mediation and opt-out process.

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Forge reaches multimillion dollar settlement in shareholder class action
Class Actions 2019-07-25 1:24 pm By Christine Caulfield

Collapsed engineering and construction company Forge Group has agreed to settle a shareholder class action over alleged continuous disclosure breaches, which will see the funder pocket about $7.5 million.

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Iluka threatens class action dismissal bid amid ongoing funding concerns
Class Actions 2019-07-24 9:19 pm By Amelia Birnie

Mineral sands producer Iluka Resources is threatening a dismissal bid in a shareholder class action it has spent $2 million fighting over the past year, amid concerns proposed security could be inadequate and the applicant has still to finalise an agreement with a litigation funder.

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Lendlease faces second shareholder class action after $350M writedown
Class Actions 2019-07-23 11:17 pm By Cat Fredenburgh

Construction giant Lendlease faces a second shareholder class action over market disclosures relating to its underperforming engineering division, and joining the case is one of the biggest public pension funds in the US.

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ASIC takes shipbuilder Austal to court over legal privilege claims amid probe
Securities 2019-07-22 10:25 pm By Christine Caulfield

Defence shipbuilder Austal faces legal action by the corporate regulator challenging claims of privilege over documents sought as part of a probe into disclosures linked to cost overruns on the company’s $4 billion US Navy ship-building program.

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Judge refuses ‘queue jumping’ request in Sirtex CEO insider trading case
White Collar 2019-07-19 1:12 pm By Miklos Bolza

An application by the former boss of Sirtex Medical for a sentencing date in the insider trading case against him has raised the ire of a NSW District Court judge, who called the bid premature and an attempt to jump the queue.

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Aged care provider Estia Health hit with shareholder class action
Class Actions 2019-07-17 2:09 pm By Amelia Birnie

Residential aged care provider Estia Health says it will “vigorously defend” a class action filed by Phi Finney McDonald on behalf of shareholders who allege the company failed to disclose serious commercial difficulties with its acquisition strategy.

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Judge ‘troubled’ by bid to extend class closure order in UGL shareholder action
Class Actions 2019-07-15 10:26 pm By Christine Caulfield

A judge overseeing a class action against engineering company UGL has agreed to extend a class closure order to give the parties a second chance to resolve the case in mediation, but not without expressing concerns that the order did not have the intended effect of encouraging settlement at the first sit-down.

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Former Dick Smith execs may seek to vacate trial date if cross claims filed
Class Actions 2019-07-12 9:18 pm By Amelia Birnie

Two former executives of Dick Smith may seek to vacate an upcoming trial date for two class actions against the failed retailer, after recently being hit with cross claims by the company’s former auditor, Deloitte.

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Law firms can push on with separate class actions against CBA under cooperation deal
Class Actions 2019-07-10 8:33 pm By Amelia Birnie

Rival law firms Maurice Blackburn and Phi Finney McDonald will be allowed to work together without consolidating their separate shareholder class actions against the Commonwealth Bank of Australia, after a judge ruled that the bank had overstated the potential for extra costs and delays.

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