Critical emails from ASIC regarding a $250 million loan facility to Octaviar Group before its 2008 collapse were not only overlooked by the Public Trustee of Queensland in its role overseeing the firm’s finances but were wrongly deemed irrelevant by the judge that heard the case, the Full Federal Court was told.
Common fund orders are the completion of the notion of class actions envisaged when the regime was introduced 27 years ago, a joint-sitting of two appeals courts was told on the second and last day of a landmark challenge to what has become an oft-used case management tool by trial judges.
A judge that dismissed an investor class action against the Public Trustee of Queensland over the failure of investment firm Octaviar Group improperly intervened in the cross-examination of one of the class’ witnesses, one of the judges that will hear an appeal of the dismissal was told.
The High Court has granted special leave to mortgage aggregator Connective in a dispute between the firm’s founder and major shareholders over a transfer of one-third of the company’s shares, in a case that could clarify whether litigation should be considered a prohibited form of financial assistance under the Corporations Act.
The Australian Securities & Investments Commission has largely prevailed on appeal to the High Court in its case against former directors of collapsed retirement village owner Prime Trust, including former federal health minister Michael Wooldridge.
Pacific National would not misuse its market power after taking control of an important rail terminal in Brisbane because that would be “irrational”, the Federal Court heard Monday at the start of a two-week trial in the competition watchdog’s case alleging the rail giant colluded with competitor Aurizon to become the dominant operator of key freight corridors.
A class action against Westpac over allegedly excessive insurance premiums has been put on ice after funder JustKapital filed an application to stay the case in the wake of the bank’s appeal challenging the court’s power to make a common fund order.
A Federal Court judge has ordered Volkswagen to produce documents related to its calculations on how its emissions cheating scandal could affect car prices.
The Commonwealth Bank of Australia is seeking to strike out portions of a shareholder class action over allegedly lax anti-money laundering and anti-terrorism financing controls it calls a “vague penumbra” that leaves the bank in the dark about the case against it.
The judge weighing a record settlement in multiple class actions against S&P Global over toxic financial products said Tuesday there was “no way” he would sign off on the deal while it stipulated that all funds be returned to the ratings agency in the event the settlement amount is disclosed.