Two class actions have failed to convince a judge that the Commonwealth Bank of Australia’s money laundering compliance failure which led to a $700 million penalty was “law breaking on a grand scale” that should have been disclosed to the market, the latest shareholder case to flop after being taken to trial.
A judge has signed off on a $16 million settlement in a class action against Dixon Advisory, but the funder of a competing case that was stayed after losing a beauty parade has earned a fragment of the $1 million it sought from the resolution sum.
The NSW Court of Appeal has said it has no power to exclude group members who do not sign up to a class action from participating in a settlement, upholding a controversial decision that the Full Federal Court said was “plainly wrong”.
A judge has approved a group costs order in a shareholder class action against building materials giant James Hardie Industries, giving firm Echo Law a 27.5 per cent cut of any proceeds from the case.
Aristocrat Leisure has hit back at a consumer class action filed over allegedly illegal ‘social casino’ apps, saying the class action will have to grapple with the fact that the games are played with ‘virtual currency’ that can’t be cashed in.
A funder that bankrolled a class action that was stayed against Dixon Advisory has argued it should receive $969,000 from a $16 million settlement reached in the competing proceedings that went ahead, saying its costs were spent to protect group members’ interests.
A judge has approved a settlement in a shareholder class action against livestock exporter Wellard that grants a 34 per cent cut for group members, saying that investors had agreed to the lawyers and funder receiving the “lion’s share”.
A law firm running a shareholder class action against building materials giant James Hardie Industries has argued for a 27.5 per cent group costs order, saying it was the “standard benchmark” for earnings guidance cases.
A shareholder class action against livestock exporter Wellard is seeking approval for a $23 million settlement which will see only $7.86 million go to group members, telling the court that the funder and law firm that ran the case have agreed to take a haircut on the deductions they’re entitled to.
Defunct investment firm Blue Sky has denied a class action’s claims that it misled shareholders ahead of its 2019 collapse and has pointed the finger at auditor EY.