A judge will approve a $28 million settlement resolving a class action against Arnold Bloch Leibler over advice the law firm gave to Slater & Gordon ahead of a disastrous acquisition. A 28 per cent commission for the case’s funder will also get the court’s nod.
A funder that’s helping foot the bill in a class action against Arrium’s former directors and KPMG may withdraw support if the law firm that’s running it is not granted an order awarding it 40 per cent of any award or settlement.
The law firm behind a consumer class action against Suncorp subsidiary AAI over add-on car insurance says notices to group members should not be sent until the case is ready for trial and the “information asymmetry” is corrected.
Lawyers leading a class action against the Commonwealth Bank over its alleged money laundering compliance failures are getting their ducks in a row in the event the Full Court rules the court has the power to shut out unregistered group members from a class action.
The first order allowing plaintiffs lawyers to take a cut of the proceeds of a class action will guarantee group members in a case against G8 Education at least 72.5 per cent of any recoveries — a notably higher percentage than the minimum legislated by a controversial bill before federal parliament.
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 judge has rejected an “audacious” attempt by McMillan Shakespeare to recoup a surplus of funds left over after a $9.5 million class action settlement was distributed to registered group members.
Saying the funding arrangement would eliminate the possibility that legal costs ate up the majority of any return to group members, a judge overseeing a shareholder case against G8 Education has issued the first ever group costs order in a class action.
Former Slater & Gordon managing director Andrew Grech has told the Federal Court he regretted his “catastrophic error” in approving the $1.2 billion acquisition of Quindell’s professional services division, which resulted in massive losses for the plaintiffs law firm.
Law firm Arnold Bloch Leibler will part with $28 million in its settlement with Slater & Gordon shareholders over advice ahead of the plaintiffs firm’s disastrous $1.2 billion Quindell acquisition.