Bernice Ng

The judge overseeing a class action against collapsed investment manager Blue Sky has said he would not be inclined to seek clarity from the Full Court on whether the court has the power to make a solicitors common fund order unless one of the defendants raised a challenge.

As it readies its civil penalty suit against tech company Nuix for trial, ASIC has flagged a possible dispute about the extent of penalty privilege pleaded by a handful of former and current directors named in the case.

A Blue Sky director has pointed the finger at auditor Ernst & Young in a class action alleging the collapsed investment firm misled shareholders by misstating its assets under management. 

Auditor Ernst & Young has filed cross-claims against Blue Sky in a shareholder class action accusing the collapsed investment firm of misleading shareholders by misstating its assets under management.

The applicant in a class action against Blue Sky Alternative Investments and auditor EY has raised an “often overlooked” principle to challenge the separate legal representation of two of the company’s directors, dodging applications for almost $15 million in security – for now.

A judge has avoided a fight “with the High Court written all over it” over whether an investor class action against Blue Sky Alternative Investments and auditor EY can join four insurers to the case.

The insurers of Blue Sky Alternative Investments are fighting a bid to be joined to a consolidated investor class action against the company and its auditor, EY.

GetSwift has been hit with a $15M penalty and several of its directors have been slapped with substantial penalties after the company was found to have misled shareholders in breach of the Corporations Act.

A judge has grilled the former general counsel of defunct logistics company GetSwift about why he did not confront the company’s directors for “bullying” other executives when they raised concerns about alleged continuous disclosure breaches.

ASIC has called for a $15 million penalty against GetSwift and 12-year bans against its directors, who moved the logistics company overseas as the regulator’s enforcement action was on foot, a move the court on Tuesday said was “unprecedented”.