A judge has ordered that a $5 million penalty ASIC won against Noumi be made available for distribution to group members in a class action against the food giant, on top of a $43 million settlement.
Woolworths has been hit with a shareholder class action for underpaying workers hundred of millions of dollars, with investors alleging the supermarket giant issued inflated financial statements by failing to account for proper staff remuneration.
James Hardie is fighting a bid to amend a shareholder class action over the building materials giant’s 2023 income forecasts, telling the court it doesn’t understand the “new case”.
Electro Optic Systems has admitted continuous disclosure breaches by failing to reveal a drop in its 2022 revenue forecasts, with ASIC filing a $4 million lawsuit against the defence firm and another against its co-founder.
Real estate asset manager Dexus has won access to advice given by the lawyers of two shareholders of airport operator APAC over an alleged breach of a shareholder deed.
London City Equities has reached a settlement with listed firm Excelsior in a case alleging shareholder oppression over a decision to sell off a subsidiary for $101 million and not distribute the proceeds.
Keybridge Capital has filed a lawsuit against E&P Investments seeking $1.7 million in compensation over the allegedly unfair conversion of almost 40,000 URFPA units held in E&P’s New York real estate investment fund as part of a share buyback program.
ASIC has filed proceedings against mineral exploration company AVZ Minerals and two of its directors, alleging the company failed to disclose a critical legal dispute, including a forgery claim, relating to a $32 million lithium mine deal.
A judge has ordered a flat contingency fee at a rate below the maximum sought by the firm running a class action against Mineral Resources, agreeing with a colleague that recent shareholder class action losses don’t justify a higher percentage.
A judge has questioned the tiered structure of a group costs order sought by the law firm running a class action against Mineral Resources, but the firm argued Wednesday it would need the highest rate if a flat fee were ordered.