A committee report recommending passage of the Morrison government’s controversial class action reform bill was tabled in federal parliament Monday, with the committee’s chair touting the proposed legislation as putting an end to funders’ “windfall” profits and Labor panning the bill as a study in “Orwellian gaslighting”.
Embattled technology company Nuix has been hit with a shareholder class action over its $1.8 billion December float on the ASX.
Law firm Sparke Helmore acted negligently by failing to adequately advise a New South Wales property developer about extension of time notices that were needed to prevent two lucrative contracts from falling through, a judge has found.
A class action on behalf of people who claim they developed non-Hodgkin lymphoma after using Monsanto’s Roundup weed killer will argue the agrochemical giant should be hit with exemplary damages for its negligence in selling the herbicide, which the company allegedly knew caused cancer.
ASIC has won its bid to wind up accused Sydney fraudster Melissa Caddick’s company and appoint final receivers to realise her assets, paving the way for some repayment to the dozens of family and friends who invested with Caddick and are still owed $23.5 million.
The Finance Sector Union has launched legal proceedings in the Fair Work Commission against the Commonwealth Bank for allegedly sacking an employee who breached a “draconian” salary secrecy clause.
Bristol-Myers Squib unit Celgene Corporation has sued Indian generics giant Dr Reddy’s Laboratories for allegedly threatening to infringe eight patents for its blockbuster cancer drug Revlimid, which raked in US$12 billion for the US-based company in revenue last year.
Honda Motors has failed to strike out or permanently stay a proceeding seeking discovery for a possible lawsuit over the Japanese car maker’s decision to abandon its Australian dealership model, with a judge rejecting Honda’s argument that the preliminary discovery application didn’t meet the requirements for service abroad.
Two former barristers ordered to pay at least $21.7 million in damages and costs for their role in a fraudulent scheme to pocket a windfall from the Banksia Securities class action have filed for bankruptcy.
The applicant in a class action against self-managed superfund provider Dixon Advisory wants to intervene in ASIC’s proceedings, which the company agreed to resolve for $7.2 million, saying any penalty in the case should be held by the court until the resolution of the class action.
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