A judge has ordered the lead applicant in a failed class action against Queensland utilities Stanwell and CS Energy, which was slated to be worth $1 billion, to pay $32.4 million in costs.
The purchaser of the site of the 108-room hotel Continental Hotel Sorrento has sued a consortium that rescued the development after it hit financial troubles, claiming it was excluded from the final stages of the receivership.
Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.
More than four years after the roof of the Kew Recreation Centre in Melbourne’s east collapsed, builder ADCO has filed a suit seeking millions in damages from the local council, alleging it provided a defective design which made collapse “inevitable”.
The owners corporation for an apartment complex in the Melbourne suburb of St Kilda has lost its adverse possession claim over a tennis court mostly located on adjoining land, with a judge finding their use of the property was subject to a lease.
Builder Leda Constructions has lost its bid for injunctions that would prevent the principal in a $4 million building contract from calling on two bank guarantees worth $101,553 each.
A judge has ordered Australian Unity to pay a $7.1 million penalty in ASIC proceedings alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors.
A tribunal has refused to terminate a lease for a dairy farm in Raleigh, NSW and declined to order $500,000 in compensation over claims the tenants are responsible for deterioration in the property, including the “uncontrolled infestation” of a noxious weed.
A judge has allowed a shareholder class action over the collapse of asset manager Blue Sky to bring insider trading claims against several short sellers, as well as brokers Credit Suisse and Argonaut Securities.
A MWL financial adviser has been banned for seven years for advising clients to invest most of their super into Keystone’s Shield Master Fund, which is suspected of misusing $480 million in investor funds.