Professional services firm EY UK has been added as a respondent in a shareholder class action against Pitcher Partners over advice given to law firm Slater and Gordon in its disastrous $1.3 billion acquisition of the UK-based Quindell in 2015, almost two years after the class action was filed.
A judge has approved a $7 million settlement in a class action against the directors of pharmaceutical company QRxPharma, only a third of which will go to group members, saying proportionality was not a basis for rejecting fees that were otherwise fair and reasonable.
The funder backing a shareholder class action against the directors of pharmaceutical firm QRxPharma will not seek to profit from a $7 million settlement in order to bring about a better return for group members, a judge has been told.
Insurers of sandalwood producer Quintis have told a court that a rectification suit brought by the applicants in two class actions seeking to increase D&O coverage by $40 million, “makes no sense”.
The applicants in a shareholder class action against Dreamworld owner Ardent Leisure over a 2016 tragedy in which four people died following a ride malfunction have lost their request for the company’s insurance documents, with a judge rejecting suggestions that the theme park operator lacks assets to pay the estimated $310 million in claims.
An appeals court has dealt with complex jurisdiction and limitations issues in transferring one of three class actions against ride sharing giant Uber to another court, with one of the judges saying legislative reforms were needed to deal with the issues.
The lead applicant in a shareholder class action against Dreamworld owner Ardent Leisure over a 2016 tragedy in which four people died following a ride malfunction is seeking access to the company’s insurance documents, amid fears the theme park operator lacks assets to meet the estimated $310 million lawsuit.
The Australian Securities and Investment Commission will not take action against the Commonwealth Bank of Australia or any of its directors of officers in relation to AUSTRAC proceedings the bank agreed to settle for $700 million in 2018.
Construction giant Boral must now contend with three class actions by shareholders alleging it failed to disclose financial problems with its US windows business, but the cases will stay on ice pending a High Court challenge.
A former QRx Pharma director’s prediction that shareholders would not receive “anything of consequence” from a class action settlement has proven true, with only a small slice of the $7 million settlement expected to go to shareholders.