Securities

A court has ordered Macquarie Securities to pay an agreed $35 million penalty after finding that “serious deficiencies" in its reporting systems resulted in repeated failures to accurately report short sales.

A judge has approved a settlement with KPMG in a shareholder class action over the collapse of mining company CuDeco, as well as a distribution scheme that will see payments to the funder but not group members.

A judge has granted the first-ever application to vary a contingency fee in a class action that has yet to reach settlement or judgment, but has warned his decision doesn't set a precedent for “routine variation” of group costs orders. 

A judge has awarded private equity firm CPE Capital, formerly CHAMP, $96 million in a dispute over a profit sharing agreement that was part of a deal to provide $150 million in vendor finance to FX Group Holdings for shares in trading platform Pepperstone.

A judge has approved a $13.5 million settlement in a class action against the director of collapsed sandalwood producer Quintis, but has reduced deductions sought by the plaintiff's lawyers and funder, and denied a payout to the funder of a competing case.

A judge has struck out sections of natural gas exporter Australia Pacific LNG’s defence in Tri-Star’s long-running case over coal seam gas fields in Queensland, which centres on a $7.6 billion share sale to ConocoPhillips.

A judge has given the administrator for billionaire Sanjeev Gupta's Tahmoor Coal two more weeks to prove that creditors would be better off under a sale process than a liquidation. 

CBA plans to file a cross-appeal in the class actions before the High Court, contending the shareholders -- who argue they should have won their loss case -- failed to establish disclosure breaches at the threshold.

The High Court has agreed to weigh in on two failed shareholder class actions against the Commonwealth Bank, in a case that could clarity the elusive test for damages in shareholder class actions.

Macquarie is fighting a bid to amend a class action over an alleged misleading prospectus for Nuix’s $1.8 billion IPO only months out from trial, calling the changes “unclear and unfair”.