Collapsed Melbourne developer Steller has failed to convince a court that its founders and two former directors owe $101.9 million, with a judge rejecting claims that they personally guaranteed the company’s debt.
In tossing the sixth securities class action to go to trial in recent years, a Federal Court judge has shown the task of proving shareholder loss is a doozy.
Although finding the former director of Quintis and its auditor, EY, engaged in misleading and deceptive conduct, a judge has dimissed a class action by the sandalwood producer’s shareholders.
Four directors of coal producer TerraCom have flagged they will not show their hand in the corporate regulator’s first-ever case alleging breaches of whistleblower protections.
A finding that Noumi’s production of a PwC report to ASIC didn’t constitute waiver of privilege provides clarity that voluntary disclosure agreements can protect confidential information, but care must still be taken, lawyers say.
Lendlease has abandoned its bid to purchase a parcel of land owned by one of Australia’s oldest families for well below market value as part of its project to develop 6,700 homes in Campbelltown, Sydney.
Former directors of Steller Developments have told a court they did not intend to guarantee the company’s debt in the event of bankruptcy, as trial kicked off in proceedings by the collapsed Melbourne developer’s liquidators.
Lendlease’s hopes of acquiring, subdividing and selling lots in a Campbelltown block have been deferred, with a judge finding he could not make urgent orders with a question mark hanging over the construction of a relevant deed.
An appeals court has overturned a finding that food company Noumi waived privilege over a PwC report commissioned by Ashurst, which it produced to ASIC under voluntary disclosure.
An investor class action against failed advisory firm Linchpin Capital and its former directors has won its bid to claim its losses against a $10 million insurance policy from AIG.