Investment bank JP Morgan Securities has been fined $775,000 by the corporate cop after it failed to interrogate a number of unusual orders on wheat futures that should have raised red flags.
Appellate guidance is needed on whether a history of cooperation between law firms that brought competing class actions can be the deciding factor in a close carriage contest, the Victorian Court of Appeal has heard.
Investment firm London City Equities is seeking to have fellow publicly traded firm Excelsior wound up for alleged shareholder oppression over its decision to sell off a subsidiary for $101 million and not distribute the proceeds.
A class action against failed asset finance lender Axsesstoday and auditor PricewaterhouseCoopers has reached an in-principle settlement with the lender’s insurers.
The Full High Court will sit for the hearing of KPMG’s battle to transfer a Victoria class action to Sydney, as the applicant in the case raises a question as to the constitutional validity of the firm’s argument that the NSW Supreme Court is bound to keep a group costs order operative.
ASIC has brought proceedings against renewables company Magnis Energy Technologies and its executive chairman for allegedly misleading the market about the capabilities and funding for the company’s “flagship” battery production facility in New York.
A judge has retroactively validated the appointment of BDO as auditor for litigation funder Omni Bridgeway after EY resigned due to a class action conflict, saying the failure to seek shareholder approval for the appointment was not the result of a blatant disregard for its obligations.
The founder of ASX-listed bottled water company Eneco Refresh has been slapped with an 18-month suspended sentence after pleading guilty to market manipulation.
The NSW Court of Appeal has said it has no power to exclude group members who do not sign up to a class action from participating in a settlement, upholding a controversial decision that the Full Federal Court said was “plainly wrong”.
Sydney stockbroker Adam Blumenthal has been ordered to pay close to $1 million after admitting to market rigging and breaching his duties as director of two companies — including by arranging a $7 million loan to ‘ASX Wolf’ Tyson Scholz.