Please login to bookmark Close
A new government inquiry will look at the fees and practices of insolvency professionals and whether the current insolvency system is set up to help struggling businesses turn around.
UDP wins $25M from insurers over doomed 5 Star Foods deal
Please login to bookmark Close
Hong Kong-based UDP was entitled to $25 million from its insurers after losing more than $30 million from its disastrous acquisition of dairy conglomerate 5 Star Foods, which had been secretly overcharging one of its biggest customers, food giant Lion Nathan Group.
Judge refuses access to insurance policy in Advanta Seeds class action
Please login to bookmark Close
The plaintiffs in a farming class action brought against Advanta Seeds over allegedly contaminated sorghum have been denied access to the defendant’s insurance policy documents, after a judge found “significant differences” with a recently successful application in a class action against Radio Rentals.
Insurer QBE claims Opal Tower cracking not ‘major’
Please login to bookmark Close
QBE Underwriting has defended its decision to deny insurance coverage to the builder of Sydney’s troubled Opal Tower development, claiming the cracking was not “major” and did not cause last year’s Christmas Eve evacuation.
ACCC approves Viva Energy’s bid for Liberty Oil’s wholesale business
Please login to bookmark Close
The competition regulator has signed off on Viva Energy’s proposed acquisition of the remaining 50 per cent of Liberty Oil’s wholesale business, saying the deal was not likely to substantially likely to lessen competition in the wholesale fuel market.
Market-based causation on the line as first shareholder class action judgment looms
Please login to bookmark Close
The judge who presided over a rare securities class action trial last year against department store Myer will deliver judgment in the case this month that could be the first ruling on causation in Australian shareholder class actions and has the potential to have a chilling effect on law firms bringing the cases.
High Court finds Connective Services broke the law with share transfer litigation
Please login to bookmark Close
The High Court has shut down a lawsuit by mortgage aggregator Connective Services over the transfer of one third of the company’s shares after finding the proceeding prejudiced shareholders and contravened the Corporations Act.
Smiles Inclusive may face investor class action over IPO
Please login to bookmark Close
National law firm Holding Redlich is investigating a shareholder class action against Smiles Inclusive, just one week after the embattled Gold Coast dental company reported a $31 million statutory loss.
Ford class action judge considers cash security in ‘war and peace of discovery’ disputes
Please login to bookmark Close
The judge overseeing the long-running class action over allegedly faulty Ford PowerShift transmissions has told the applicants they might need to put up considerable cash security to cover the “war and peace of discovery” disputes, after Ford slammed the delayed request for documents as “complete and utter nonsense”.
NBN gets ACCC warning for ‘serious breach’ of non-discrimination obligations
Please login to bookmark Close
The Australian Competition and Consumer Commission has issued a formal warning to national broadband network operator NBN Co for what the regulator called a “serious breach” of its non-discrimination obligations to retail service providers.