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Investment manager IOOF has failed to persuade a judge that the applicant in a failed shareholder class action should face indemnity costs for rejecting a $6 million offer to settle the case.
Nature’s Care majority shareholders to foot the bill for fight with founding family
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The majority shareholders of vitamin giant Nature’s Care have been hit with the costs of the company’s failed bid for an injunction against its founding family, after a judge found the shareholders appear to have caused proceedings to be commenced as part of a strategy to “override the rights” of the family.
Super fund faces $40M class action by transport workers
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Transport workers have lodged a $40 million class action against one of the country’s largest super funds for allegedly miscalculating their superannuation entitlements.
Aristocrat’s 6-year battle to patent Lightning Link poker machine ends in defeat
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A judge has ruled gaming giant Aristocrat Technologies cannot patent its Lightning Link electronic poker machine, after six High Court Justices split on whether the popular game was eligible for patent protection.
GEMI Capital may face class action by wealthy Sydney investors
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Sydney lender GEMI may face a class action for allegedly enticing wealthy individuals to make investments in products they were misled into believing were low risk.
ASIC wins case against payday lender Sunshine Loans over ‘wrongheaded’ fees
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In a win for the Australian Securities and Investments Commission, a judge has found that payday lender Sunshine Loans charged thousands of customers prohibited fees, issuing a scathing judgment condemning the company’s “wrongheaded” conduct.
Prosecutors drop criminal case against Meta over scam crypto ads
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A criminal case against Facebook owner Meta sparked by mining magnate Andrew Forrest over scam cryptocurrency ads has been dropped, while a similar case by the Australian Competition and Consumer Commission remains on foot.
Law firm will try to claim funder’s cut as damages in Murray Darling class action
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A class action against the Murray Darling Basin Authority over alleged negligent water management is seeking to claim a funder’s commission as damages after a judge refused the first-ever such bid in a separate group proceeding.
Maggie Beer faces court challenge over earnout on $40M acquisition
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ASX-listed gourmet food company Maggie Beer has been dragged to court by the founders of Hampers & Gifts Australia over a $10 million earnout that was part of a $40 million agreement to acquire the e-commerce company in 2021.
Settlement reached in class action against NSW law firm
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A class action seeking to hold a regional NSW law firm liable for the actions of a former employee who was sentenced to a term of imprisonment for fraud offences in 2021 has reached a settlement.