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Parties in an ongoing four-and-a-half year long investor class action against Fitch Ratings have agreed to a second round of mediation after a prior attempt was adjourned without success.
Judge signs off on $30M settlement in liquidator’s LM Investment case
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A Queensland Supreme Court judge has given the green light for a $30 million settlement of a liquidator’s case against failed financial services firm LM Investment Management, saying the result was appropriate and “a matter of some public interest”.
Termite Resources directors appeal $7M damages ruling for liquidators
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The former directors of collapsed mining company Termite Resources have appealed a ruling ordering them to pay $7 million in damages for allegedly breaching their duty by distributing more than $46 million to Termite’s parent company and failing to maintain a cash reserve of at least $10 million.
No win, no fee funding model carries Maurice Blackburn to victory in AMP class action contest
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Maurice Blackburn’s shareholder class action against AMP — the only action not backed by a litigation funder — has been picked as the winner in a fierce battle of law firms vying to lead a high stakes case over the wealth manager’s fees for no service scandal.
ACCC takes online retailer Kogan to court for misleading promotion
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The consumer watchdog has brought legal action against online retailer Kogan Australia alleging one of its discount promotions duped customers.
VW dieselgate hearings postponed over ACCC objections
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A hearing scheduled for later this year in several class actions and an ACCC proceeding over allegations Volkswagen installed dual-mode software in diesel vehicles to cheat on emissions tests has been postponed, despite cries of prejudice from the consumer regulator.
Geelong sues fundraising firm claiming affiliation with the Cats
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The Geelong Football Club has launched Federal Court proceedings against a promotional firm it claims passed itself off as the famous AFL club in order to procure payments from members.
Class action applicant can’t bring ‘shambolic’ case over side deal with funder
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One of two lead applicants in the settled Arasor shareholder class action has been denied leave to be heard over its $1 million personal expenses dispute with litigation funder International Litigation Partners after missing a filing deadline, with a judge calling its handling of the case “shambolic”.
PWC claims privilege against self-incrimination in fight over Vocation audit files
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Accounting giant PricewaterhouseCoopers is resisting a notice to produce audit files in a consolidated shareholder class action over the collapse of education and training company Vocation, arguing its partners face a real risk of criminal and civil penalty proceedings and are entited to claim privilege against self-incrimination.
Regulator flexes new super powers over troubled IOOF entities
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The threat of civil penalties is growing for troubled financial services provider IOOF, after the prudential regulator used its new superannuation powers to issue directions to two IOOF entities for failing to comply with licence conditions.