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Allianz and a number of other insurers of Dick Smith are now facing a class action over the extent of coverage under an insurance policy for the collapsed electronics retailer’s initial public offering.
Embattled ex-Quintis boss loses $13.3M sandalwood plantation loan dispute
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Frank Wilson, solicitor and founder of failed sandalwood producer Quintis, has been ordered by a court to repay a $13.3 million loan used to invest in a 215 hectare Indian sandalwood plantation.
Sims Metal class action funder to get no more than 25%, shareholders guaranteed at least half
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Noting the “significant and beneficial reduction” in recent funding rates, the judge overseeing a shareholder class action against recycling company Sims Metal Management has signed off on an order capping the commission of the funders at 25 per cent of any net proceeds and setting a minimum 50 per cent of any recovery for group members.
Treasury Wine tries to claw back former exec’s $1.3M bonus
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Treasury Wine Estates is trying to claw back a $1.3 million share bonus paid to former managing director Peter Dixon, alleging serious misconduct relating to the intellectual property theft of highly confidential documents.
Referee to weigh in on costs in $42M Murray Goulburn class action settlement
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A Federal Court judge has appointed a costs referee in a shareholder class action against two units of dairy co-op Murray Goulburn over a 2016 profit forecast revision which recently settled for $42 million.
ACCC loses case against Woolworths over ‘eco’ plate claims
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The Australian Competition and Consumer Commission has lost a consumer case against Woolworths, with the Federal Court finding the supermarket giant’s environmental claims for its line of disposable plates, bowls and cutlery were accurate, not false and misleading.
Ex-James Estate Wines boss ‘manufactured’ evidence in $14M dispute with ANZ, court says
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A judge has dismissed failed winemaker David James latest bid to overturn a $14 million guarantor judgment against him and in favour of ANZ, saying much of his sworn evidence was “manufactured” and “obviously tailored to suit his case”.
Full Court hands Seiko a win in ink cartridge patent dispute
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Printer giant Seiko Epson has won its cross-appeal against cartridge reseller Calidad in a Full Federal Court decision that further clarifies the extent to which patentees can prevent those acquiring a patent’s title from repurposing or manipulating the original product.
Keybridge Capital sues collapsed subsidiary for credit law breaches
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Failed lender PR Finance Group has been sued for $5 million in damages by owner Keybridge Capital and its liquidators after the company went under for breaching Australian credit laws.
Woolworths accepts FWC recommendation in dispute over new store structure
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Australian supermarket giant Woolworths has accepted a number of recommendations made by the Fair Work Commission, after two unions challenged a recent restructure that required staff to reapply for jobs, seek redeployment or be made redundant.