A groundbreaking class action ruling by the Federal Court on Thursday that found Myer misled shareholders and accepted the applicant’s market-based causation theory is the only judgment in an Australian securities class action since the first shareholder case was brought 20 years ago, and it might be the only one for years to come.
A judge has ordered the legal teams behind two settled Surfstitch class actions to have another crack at the opt out notice, saying the current version is “just too confusing” for group members.
UK biopharmaceutical company Kymab may attack experiments done by US biotechnology giant Regeneron creating genetically modified mice with splices of human genomes, as it defends its proposed patent for a human rat.
International money transfer giant Western Union has successfully appealed a $160,000 judgment in an employment discrimination case, with the Full Federal Court finding the firm’s HR manager could not have known the employee, who was absent from work for seven months prior to the dismissal, actually suffered from a mental disability.
A former AMP general counsel responsible for preparing the financial giant for the banking royal commission has launched a $2.7 million lawsuit alleging “hostile, aggressive and intimidating behaviour” by superiors in response to formal complaints she made about the company’s fees for no services practices.
A judge has ruled that department store Myer engaged in misleading or deceptive conduct and breached its continuous disclosure obligations when it failed to correct its “inflated” 2015 net profit forecasts, but said shareholders may not have suffered any loss flowing from the breaches, in a monumental decision that also found investors do not always need to prove direct reliance on misrepresentations in claiming damages in class actions.
Quintis founder Frank Wilson has won his bid for unredacted transcripts of ASIC examinations with six former directors of the failed sandalwood company.
The High Court has granted a Nigerian agent tricked into terminating his contract with international bank note manufacturer CCL Secure special leave to appeal a Full Federal Court judgment slashing a $65 million award in his favour.
Responding to a class action on behalf of over 250,000 car owners, auto giant Toyota has admitted issues with filters in three of its diesel vehicle models but says drivers who failed to respond to warning lights in their cars could not clam damages for any breaches of quality guarantees.
Italian coffee manufacturer Lavazza has hit back against an infringement case brought by Australian rival Vittoria over two Oro trade marks, saying Vittoria’s rights over the marks should be revoked and claiming four decades of prior continuous use of its own unregistered mark.