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Eight former directors of failed mining company Kagara have settled a shareholder class action alleging they misled investors and falsified the company’s accounting records, the Federal Court heard Friday.
AMP sets aside $290M for customer compensation
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Embattled financial giant AMP has moved to regain customer trust, allocating $290 million to compensate customers going back 10 years, the company told shareholders Friday.
Yazaki unit appeals price fixing fine to High Court
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A unit of Yazaki Corp is seeking High Court approval to file an appeal after the Full Federal Court handed down a record $46 million penalty against the car parts maker for colluding with a competitor on prices for wire harnesses supplied to Toyota.
Appco denies army of fundraisers were employees
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Fundraising company Appco Australia challenged the similarities between group members in a class action alleging it misclassified workers as independent contractors to avoid paying minimum wage and benefits, even after a judge shot down its bid to block the case from proceeding as a class action.
Surfstitch shareholders get hands on ASIC transcripts
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Investors in a class action against failed online retailer Surfstitch Group won access Thursday to transcripts of interviews of former boss Justin Cameron by the corporate watchdog.
Funders slash rates in LKM Capital, GR Finance class action settlements
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The funders of two class actions against a trustee of failed investment groups LKM Capital and GR Finance have agreed to cut their commission by 15 percentage points.
ACCC urged to block Nine, Fairfax merger
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Australia’s largest media union has called on the ACCC to block the proposed merger of Nine Entertainment and Fairfax Media, saying it’s a threat to media diversity in an already heavily consolidated media industry.
Judge in S&P class actions told to start from scratch with funder’s fee
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The amicus hired to assess the funder’s cut of a potentially record settlement in several class actions against S&P Global over toxic financial products has told the judge that if he’s considering approving a funding equalisation order, he should “start with a blank piece of paper” in calculating a reasonable funder’s commission.
Ex-Bellamy’s boss loses $1.2M share dispute
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The former CEO of organic baby food producer Bellamy’s Australia has lost a legal battle over $1.2 million in options she claimed she was owed as part of a long-term financial incentives scheme.
Only exposed Deloitte partners can claim privilege in Hastie class action
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Shareholders in a class action against Deloitte over the collapse of engineering company Hastie Group have won a major ruling against partners at the auditing firm who resisted handing over evidence to the class for fear of incriminating others at the accounting giant.