A judge has approved a settlement in a shareholder class action against livestock exporter Wellard that grants a 34 per cent cut for group members, saying that investors had agreed to the lawyers and funder receiving the “lion’s share”.
A law firm running a shareholder class action against building materials giant James Hardie Industries has argued for a 27.5 per cent group costs order, saying it was the “standard benchmark” for earnings guidance cases.
A former corporate adviser will spend at least nine months in jail after pleading guilty to trading in Genesis Minerals shares in September 2021 with insider knowledge, netting almost $60,000 in profits.
When the Supreme Court of Victoria considers for the first time a settlement reached in a class action run on a contingency fee basis, it will grapple with some novel questions, including whether to trim the 27.5 per cent group costs order granted to Slater & Gordon at the outset of the case, legal experts say.
The Australian Securities and Investments Commission has secured a third guilty plea stemming from its investigation into a $180 million Ponzi scheme run by the Courteney House group of companies.
Aussie Broadband is seeking to set aside a notice from the board of internet service provider Superloop directing it to sell down its 19.9 shareholding in the company, arguing the sell order was made for an improper purpose amid a “contested takeover battle” between the companies.
Blue Sky’s founder and former managing director Mark Sowerby has won orders requiring a director of US hedge fund Glaucus to produce documents relating to claims the short-seller shared information with market participants before releasing a report which sent Blue Sky’s shares into a tailspin.
A shareholder class action against livestock exporter Wellard is seeking approval for a $23 million settlement which will see only $7.86 million go to group members, telling the court that the funder and law firm that ran the case have agreed to take a haircut on the deductions they’re entitled to.
Defunct investment firm Blue Sky has denied a class action’s claims that it misled shareholders ahead of its 2019 collapse and has pointed the finger at auditor EY.
Despite succeeding on a number of claims, the applicant in a tortuous shareholder class action against Worley must foot the engineering services company’s bill for defending two trials.