Insurer AIG Australia will have to pay collapsed diary processing firm Murray Goulburn at least $8.85 million after a court ruled it was liable to cover some of the costs of a $42 million class action settlement reached with irate investors last year.
Three units of Hong Kong private equity group Argonaut have successfully defended an appeal by former Atrum Coal director Russell Moran who was ordered to repay $6 million plus interest after defaulting on a loan he had “no capacity” to repay.
A bid by KPMG to push off the filing of its defence in a class action over misleading statements ahead of Arrium’s $754 million capital raising in 2014 has been shot down by a judge, who said the auditor has known the claims against it since November.
The judge considering the $50 million settlement reached in the shareholder class action against failed training company Vocation and auditor PricewaterhouseCoopers has signalled his likely approval of the deal, but wants a senior lawyer to tell the court why the funding commission is reasonable.
A law firm may soon have more ammunition to back a potential shareholder class action against Blue Sky Alternative Investments, its former directors and auditor Ernst & Young.
A judge has allowed Treasury Wine Estates to apply for security for costs before a group costs order application is decided, in a class action accusing the wine maker of breaching its continuous disclosure obligations.
A judge has approved a “disappointing” $25 million settlement in long-running class action litigation over the collapse of electronics retailer Dick Smith with claims worth hundreds of millions of dollars.
A fight between three leading class action firms over who will lead a potentially lucrative shareholder class action against construction giant Boral is back on, after the High Court pressed go on class action beauty parades.
ASIC has fired back at iSignthis’ defence to the regulator’s claims that it violated the Corporations Act by not disclosing $3 million in one-off revenue related to integration agreements, saying it was not the job of its compliance officials to school the fintech on its disclosure obligations.
Ardent Leisure Group has hit back at a $310 million shareholder class action, denying that there were “obvious” risks in its Thunder River Rapids Ride ahead of a 2016 tragedy at the Dreamworld theme park which claimed four lives.