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In this 33rd year of class actions, three significant milestones have been achieved by Australia’s class action regimes, writes expert Professor Vince Morabito.
Crown Resorts to pay $73M to settle shareholder class action
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Casino operator Crown has agreed to pay $73 million over two years to settle a shareholder class action accusing it of lax money laundering compliance, with solicitors set to take home $20 million.
Banksia class action members launch case against Arnold Bloch Leibler, partner
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Arnold Bloch Leibler and a litigation partner at the law firm are among defendants named in a new case for their representation of the mastermind behind the scandal-ridden Banksia Securities class action.
United Petroleum property manager had no authority to negotiate lease: court
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A court has found that United Petroleum is not bound by the terms of a signed lease offer sent to a neighbouring Gold Coast pharmacy operator, ruling the company’s property consultant had no authority to negotiate or enter into a new lease on its behalf.
Indigenous group to get cut of profits in first-of-its-kind BESS deal
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Ashurst has advised renewable energy company AMPYR Australia on a novel equity partnership and participation model with the Aboriginal community for a battery energy storage system in NSW’s Central Western Slops region.
Brookfield scoops up 19.9% interest in Cromwell Property Group
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Brookfield has scooped up a 19.9 per cent stake in real estate investment manager Cromwell Property Group.
$800M investment in Aliro Group’s industrial vehicle by Canada pension fund
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Joining CBRE Investment Management in fast-tracking developer Aliro Group’s flagship industrial vehicle, Canadian super fund PSP Investments has committed up to $800 million for investment.
Kaloriziko appeals ruling on Ryde development offset
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Developer Kaloriziko has appealed a ruling which rejected its claim that a property deal involving related parties extinguished a $2.12 million liability to a builder on the ‘Sky Gardens’ residential development in Ryde, NSW.
Abacus Storage grants due diligence to consortium behind $2.2B takeover offer
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Abacus Storage Kings will open its books for a consortium of Ki Corporation and New York Stock Exchange-listed Public Storage, which lobbed a $2.2 billion takeover offer last week.
Law firm’s cut no sure thing as judge OKs $87M settlement in Hino class action
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A judge has approved an $87 million settlement in a class action against Hino Motors, but says he needs to hear from a contradictor before greenlighting a law firm’s 25 per cent contingency fee.