Woolworths has shot back at claims in a shareholder class action that it breached its continuous disclosure obligations, saying the lawsuit doesn’t allege there was material information it should have disclosed to shareholders in advance of its downward revision of a 2015 profit guidance.
Class action funding arrangements that siphon off large percentages for commissions and legal fees are “unsustainable”, Federal Court Justice Michael Lee said Monday.
The battle over competing shareholder class actions against failed sandalwood oil producer Quintis is heating up, with law firm Gadens launching a bid to shut down the case brought by Bannister Law, attacking its rival’s experience and resources.
Law firm Quinn Emanuel Urquhart & Sullivan will call in US experts to back up its proposed “step up” funding model as five law firms begin a high stakes battle to lead a shareholder class action against AMP.
Australian petrol retailer United Petroleum has lost a bid to disqualify a judge from a final hearing on costs in its unsuccessful battle against law firm Herbert Smith Freehills over a failed initial public offering.
A Federal Court judge has allowed the plaintiffs in a class action alleging a unit of Westpac failed to detect the fraud of convicted Ponzi schemer Michael Samra to proceed with their claims against Samra’s defunct company.
An investor suing property investment group Aviation 3030 can’t avoid payment of half a million dollars in security for litigation costs because of a parallel enforcement action by the corporate regulator, a judge has ruled.
The litigation funder backing a class action against engineering company UGL over disclosures related to the ballooning costs of its Ichthys power project could pocket up to 30 percent of any settlement or judgment, according to a court order.
Macmahon Holdings has agreed to pay $6.7 million to settle a shareholder class action alleging the mining company failed to provide adequate disclosures about the impact delays on a project for Rio Tinto in the Pilbara would have on its profitability.
Investment manager Blue Sky, which is currently facing three shareholder class action investigations, has admitted to incorrectly charging $4.1 million in fees to certain funds over a ten-year period.