Ernst & Young

Ernst & Young, which is facing a lawsuit brought by the receiver of a fund overseen by failed financial services firm LM Investment Management, has lost its bid to file a claim for damages against LMIM, with a judge saying the auditor’s case was “flawed” and “counterintuitive”.

A former Ernst & Young principal jailed for at least nine years for his role in a $135 million tax fraud has lost a challenge to two NSW Supreme Court orders barring access to $150 million worth of assets.

Activist US short seller Bonitas Research has welcomed legal action filed against it by agricultural fund manager Rural Funds Group as a chance for “investors to know the truth”, while also doubling down on the accusations of fraud at the centre of the case that sent the group’s share price plummeting.

The plaintiffs in one of two shareholder class actions brought against troubled sandalwood producer Quintis have complained about potential delays that could result from the “overly complicated loss theory” being advanced in a parallel class action.

Agricultural fund manager Rural Funds Group has briefed a top-tier law firm to bring “unprecedented” legal action against US company Bonitas Research, after the activist short seller accused the group of fraud and sent its share price plummeting.

A judge has ordered ASIC and defence shipbuilder Austal to try to narrow the scope of documents at the centre of the regulator’s case challenging the company’s claims of legal professional privilege.

Investment firm London City Equities has secured court approval to bring an expanded case against accounting giant Ernst & Young over its auditing of collapsed soda ash maker Penrice.

Defence shipbuilder Austal faces legal action by the corporate regulator challenging claims of privilege over documents sought as part of a probe into disclosures linked to cost overruns on the company’s $4 billion US Navy ship-building program.

Shareholders of troubled sandalwood producer Quintis who are eligible group members in two consolidated class actions against the company can bet on which of the two cases will give them the best returns, if any, and the Federal Court has appointed an independent lawyer to help them make the choice.