Securities

The applicants in an unsuccessful class action against the founder of sandalwood producer Quintis and auditor EY is challenging the dismissal of his case -- the sixth shareholder class action to fail at trial.

Casino operator Crown has agreed to pay $73 million over two years to settle a shareholder class action accusing it of lax money laundering compliance, with solicitors set to take home $20 million.

Private equity firm Goldstone has cited an "irretrievable breakdown" in the relationship between shareholders in seeking to appeal a ruling that found it liable for oppression.

Auditor KPMG has hit back at a shareholder class action over water treatment business Phoslock’s alleged accounting irregularities, saying it should be completely relieved from paying damages since it acted honestly. 

ASIC has opposed a bid by online investment platform eToro to rely on late expert evidence in the regulator’s first-ever action alleging breach of obligations in designing and selling financial products over high-risk contracts for difference.

A SkyCity shareholder is seeking leave to launch a case against former executives and directors for their alleged role in the mismanagement of the casino's money laundering risk, which last year resulted in a $67 million penalty.

A judge has said ASIC should have known that its case against four TerraCom directors over statements made to investors had no prospects of success, calling one of its submissions “unworthy of the corporations regulator”.

ASIC has filed action against Delta Electricity, owner of the Vales Point coal-fired power station in NSW, alleging “deliberate and calculated” manipulation in the market for electricity futures contracts. 

A judge has approved a $43 million settlement in a class action action alleging Noumi misled investors about its inventory, including a 22 per cent group costs order to be split between the two law firms that ran the case.

In a first, the federal government has filed proceedings against a foreign investor and its former associate for alleged non-compliance with orders to divest their interests in rare minerals miner Northern Minerals.