Alexandra Folie

Construction firm CIMIC has won its bid to view identifying information about institutional investors in a shareholder class action, despite the applicant’s claims it could deter group members from signing on to the case. 

A shareholder class action against a2 Milk has won its bid to include claims under New Zealand law over the dairy company’s disclosures to the New Zealand stock exchange.

Construction firm CIMIC has foreshadowed a fight over “obscure” new pleadings in a two year-old shareholder class action alleging the company failed to keep the market informed about issues with its Middle East operations.

A consolidated class action’s bid to include claims concerning dairy company a2 Milk’s disclosures to the New Zealand stock exchange is in doubt, despite broad agreement between the parties that the claims can be pursued in Victoria.

A judge has allowed two law firms to jointly run a consolidated shareholder class action against dairy company a2 Milk, saying the arrangement was in the interests of group members and was “not novel”.

Two law firms are set to work “hand in glove” in their proposed consolidated shareholder class actions against a2 Milk, with one senior barrister to be dropped as part of the “rationalisation” of the combined team.

The Federal Court has slugged wealth management firm Colonial First State Investments with a $20 million penalty for misleading almost 13,000 superannuation members about their MySuper entitlements through a “concerted campaign” that lasted two years.

The lead applicant in a class action against CBA does not have the right to view fund management documents relevant to the case despite representing group members who share joint privilege with the bank over material, a judge has said, acknowledging the decision could create difficulties in class action proceedings.

Westpac has been ordered to pay $3 million after two subsidiaries admitted misleading hundreds of superannuation customers about the financial adviser fees they were charged, a penalty that took into account the Big Four bank’s massive profits.

A fight over whether a class action applicant must fork over security for costs is not a matter of the strength of the case, says a judge presiding over a class action brought by superannuation holders against Commonwealth Bank of Australia and subsidiaries Colonial First State and Avanteos.