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.
Ahead of an eight-week trial in an investor class action in July, ratings agency S&P has lost its bid to throw out the entirety of the expert evidence in the case.
Maurice Blackburn is stuck paying $5.4 million in security in a flex commissions class action against Macquarie, with a judge saying it represents a ābusiness risk willingly undertakenā.
A law firm is challenging an order that it pay $5.4 million in a class action against Macquarie Leasing as security for the lender’s costs, saying concerns about its borrowing capacity were ātheoretical and speculative.ā
S&P is free to pay for a Rolls-Royce defence in “Rolls-Royce litigation” that alleges the agency engaged in fraud in assigning ratings to risky financial products, a judge has said.
With its new business model of self-funding class actions, Maurice Blackburn can’t get by with an undertaking to indemnify Macquarie for its costs if a case over flex commissions fails.
A class action over S&Pās rosy ratings on risky financial products faces a preliminary fight over the relevance of expert evidence that seeks to prove fraud on the part of the ratings agency.
Four proceedings over COVID-19 business interruption losses will be stripped of class action status, with a judge saying most of the common issues were already determined in test cases.
A judge has criticised the pleadings in class actions against ANZ, Macquarie and Westpac over flexible commission schemes for car dealers, saying they were “inappropriate and unhelpful” in referring to documents in the banking royal commission.Ā