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ASIC chairman James Shipton has temporarily stepped aside pending an independent review of $118,000 in payments made to the regulatory head linked to his relocation from the US in 2018.
Surfstitch class action lawyers accused of breaching duties to shareholders
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The lawyers behind two class actions against clothing retailer Surfstitch breached their duties to act in the best interests of shareholders, and their conduct should bar them from pocketing more than $6 million claimed in costs and commission in the protracted litigation, a court has heard.
Ernst & Young can’t rely on privilege against self-incrimination in LM Investment lawsuit
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A judge has found that auditor Ernst & Young cannot rely on the privilege against self-incrimination in a lawsuit brought over its audits of failed financial services firm LM Investment Management.
Mayfair’s Mawhinney can’t stop trial prep in ASIC cases
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James Mawhinney, director of the besieged Mayfair Group, has lost his bid to slow down two proceedings filed by ASIC which he claims will have a “catastrophic” effect on his business, staff and investors.
‘Aussies Not Gonna Cop It’ birthed in pre-dawn session at bedside, Clive Palmer tells court
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Billionaire Clive Palmer has claimed that he wrote the lyrics to ‘Australia’s Not Gonna Cop It’ in the early hours of the morning while “deep in contemplation” at his bedside, telling the Federal Court that the song was inspired by the Peter Finch film ‘Network’ and not Twisted Sister’s rock anthem.
ACCC takes Fuji Xerox to court over ‘unfair’ contract terms
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The consumer watchdog has filed court proceedings against Fuji Xerox alleging the Japanese print giant’s standard form contracts with small businesses contain a bevvy of unfair contract terms that could cause them harm.
Worley ruling the latest setback for shareholder class actions
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A judge’s decision to throw out a shareholder class action against engineering company Worley is a loss for plaintiffs lawyers and could result in fewer listed companies willing to settle cases alleging they breached their disclosure obligations, but the ruling is not likely to have a significant chilling effect on securities litigation.
LiveTiles to pay $8.4M to settle lawsuit by CEO’s brother
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Software company LiveTiles will pay $8.445 million to settle litigation brought by Microsoft solutions provider nSynergy’s founder Keith Redenbach against his brother, LiveTiles CEO Karl Redenbach, alleging he diverted tens of millions of dollars in nSynergy’s assets, including LiveTiles.
Judge rejects Covidien’s bid for security in unfunded pelvic mesh class action
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Medical device maker Covidien has lost a bid to have the applicant in a product liability class action over allegedly defective pelvic mesh front $300,000 as security for its legal costs in the event it wins the case.
Class actions and litigation funding reform: The views of class action practitioners
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A sense of frustration with current uncertainty in the caselaw and inconsistency in the approaches of judges was a prominent theme that emerged from personal interviews with 30 experienced class action practitioners conducted over two months by Dr Peter Cashman and Amelia Simpson of the University of New South Wales.