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.
An appeals court has set aside a notice issued to the tax office to produce documents to Kupang Resources as the mining company seeks to claw back millions of dollars allegedly siphoned off by former shadow director Phillip Grimaldi.
a2 Milk is facing a shareholder class action in New Zealand on behalf of investors who allegedly suffered loss when the company’s share price plummeted on the heels of a revised outlook for the 2021 financial year amid challenges in the Chinese market.
Shareholders bringing a class action against Quintis have lost their bid for Ernst & Young to hand over documents from two meetings with a director of the sandalwood supplier, after a judge found they did not get “within a bull’s roar” of showing the accounting firm’s discovery was inadequate.
Law firms running competing shareholder class actions against a2 Milk appear to have reached agreement to join forces, with a court order Thursday scrapping a contest to determine which case would proceed alone.
Calling it the “elephant in the room”, a judge overseeing a class action against Tyro over a major EFTPOS outage last year has said a dispute over who is eligible to join the case needs to be hashed out before retailers are notified of the proceedings.
Investors have lost their class action against Perth-based Iluka Resources, the latest shareholder class action to fail after pushing through to trial.
Class action settlement totals skyrocketed to over $900 million last year, and one law firm negotiated the lion’s share, with $672 million in settlements under its belt.
A “full-blooded carriage fight” is set down for next year between two competing class actions alleging dairy giant a2 Milk misled shareholders with an overly optimistic prediction of its infant formula sales.