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Eclipx group is looking at a possible shareholder class action following recent drops in its share price after it disclosed that its published profit growth forecasts need to be revised downwards.
Full Court questions restraint against class action lawyers
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The Full Federal Court expressed doubts Tuesday about an “unusual” and “heavy handed” order restraining lawyers leading the stayed class actions against GetSwift from advising their clients about whether to opt out of the prevailing action.
Westpac dodges ASIC bid for rogue trader chatter
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The corporate watchdog can’t get its hands on documents detailing Westpac’s disciplinary measures against rogue traders or communications between the employees ahead of a penalty hearing in a case that found the bank attempted to influence the Bank Bill Swap Rate.
Aristocrat mulls misleading conduct case against Ainsworth
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Gaming giant Aristocrat Technologies is seeking further documents from rival Ainsworth Game Technology to weigh misleading conduct and passing off claims as it mounts a potential copyright and consumer law case.
Viterra wins Cargill sale docs after mid-trial revelation
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Cargill has been ordered to turn over what it describes as “highly confidential” documents related to the possible sale of its malt business, a new revelation in the complex trial over claims Viterra fraudulently concealed crucial information when it sold malt producer Joe White Maltings to Cargill Australia in 2013 for $420 million.
Competing class action fix divides firms in ALRC submissions
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The “highly-controversial” battles over multiple class actions against AMP and GetSwift are just two cases in a decades-long history of class action proceedings and should not be the basis of any proposals to fix perceived gaps in courts’ powers, plaintiffs firm Slater & Gordon said Tuesday.
ASIC to embed corporate cops in big four banks
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The Australian Securities and Investments Commission will get a $70.1 million boost to fight corporate wrongdoing as part of a funding package that includes a plan to embed ASIC staff in the big four banks and AMP.
DQ’d exec appeals ruling that Gadens email was proper service
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A Perth businessman has filed an appeal of a judge’s ruling that an email forwarded by a Gadens lawyer from ASIC alerting him that he had been disqualified from serving as a director constituted proper notification.
ACCC appeals suppressed ruling in Cascade Coal cartel case
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The ACCC is appealing a ruling dismissing its cartel case against Cascade Coal that alleged the company reached an agreement with rival Loyal Coal in the 2009 tender process for mining exploration licences in the Bylong Valley, NSW.
WorleyParsons CFO told earnings targets a ‘stretch’, email reveals
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A week before WorleyParson’s CEO promised shareholders net profits in excess of $322 million for the 2014 financial year, the engineering group’s global finance director told its CFO that the company’s earnings targets were “a stretch”, according to an email uncovered in a shareholder class action.