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Irrigators in Australia’s South East have launched a class action against the Murray-Darling Basin Authority claiming its mismanagement of the river system caused up to $830 million in losses.
ASIC wants Merlin Diamonds wound up over $13M in unauthorised loans
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The Australian Securities and Investments Commission wants ASX-listed diamond mining company Merlin Diamonds wound up, expressing concerns about the company’s solvency and over $13 million in loans made to companies associated with Merlin’s director, Joseph Gutnick, without shareholder approval.
Ex-Babcock & Brown execs dodge case over botched $1.4B acquisition
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A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.
Court tosses Ponzi scheme investor’s $75M claim against liquidator Grant Thornton
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A court has thrown out a $75 million compensation claim filed by an investor in a Ponzi scheme alleging liquidator Grant Thornton Australia and its lawyers Colin Biggers & Paisley failed to return his funds expeditiously.
APRA ordered to hand over ASIC chats about IOOF exec
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APRA has been ordered to hand over all of its correspondence with fellow regulator ASIC relating to former IOOF chairman George Venardos, as he prepares to argue privilege over discovery that might incriminate him in any possible ASIC proceedings.
$6M class action settlement is one claim under insurance policy, Bank of Queensland says
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The Bank of Queensland has criticised a judgment which found the bank’s insurance policy left it on the hook for a $6 million settlement of a class action brought by investors in a multi-million dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
ACCC to review ANZ Terminals $350M bid for GrainCorp unit
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The Australian Competition and Consumer Commission has opened a review into the proposed $350 million acquisition of a unit of global agribusiness GrainCorp by storage and handling specialist ANZ Terminals.
Viva Energy can’t block arbitration in oil tanker dispute, judge says
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A judge has sent a dispute between oil giant Viva Energy and a Panama-based oil transporter over petroleum allegedly contaminated during transport into arbitration.
Trial in Fitch Ratings class action delayed a second time
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A battle over expert evidence in an invester class action against Fitch Ratings has delayed this month’s scheduled trial in the case by three months and forced the court to send the parties’ experts into conclaves.
Queensland Sugar in sweet victory as Wilmar negligence case dismissed
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Industry-owned Queensland Sugar Limited has succeeded in dismissing a court case brought by Wilmar Sugar Australia after record-high rainfalls led to a $60.8 million loss in 2010.