Settlement

The government has agreed to acknowledge that climate change is a systemic risk that could affect the value of its bonds in order to resolve a class action on behalf of sovereign bond investors over its climate disclosures.

A judge has blessed a $132.7 million settlement and a $33 million common fund order in a class action over toxic firefighting foam, saying he was “not vexed” by whether he had power to grant the funder’s payout despite the Full Court having reserved on the contentious issue. 

A judge has approved a $41.45 million settlement in a pelvic mesh class action against manufacturers Covidien and TFS but has put off deciding on the costs of the firm that ran the case, saying it is “next to useless” when law firms appoint their own costs consultants.

A $26 million settlement has been reached in a class action against Ardent Leisure alleging it misled shareholders about safety measures that were in place ahead of the 2016 tragedy at its Dreamworld theme park in Queensland which claimed four lives.

Deloitte may seek confidentiality orders over the amount it agreed to pay to settle a shareholder class action over its audits of collapsed construction group Hastie.

Virgin Australia has settled a lawsuit brought by its former chief pilot alleging the airline sacked him for complaining of bullying and harassment by its CEO.

A shareholder class action that was filed in the wake of the banking royal commission over AMP’s fees-for-no-service practices has settled for $110 million. 

A judge has approved a $5 million settlement in a false imprisonment class action against the state of Victoria on behalf of residents of nine public housing towers over COVID-19 lockdowns, despite noting it “falls towards the lower end of the spectrum”.

Deloitte has settled a shareholder class action over its audits of collapsed construction group Hastie, a case which dragged on for six years as the accounting firm unsuccessfully fought to shield its audit reports.

The judge asked to approve a settlement in a class action against retirement village provider Aveo has sent a shot across the bow to law firms seeking to make broad confidentiality claims over the settlement, saying such claims should be kept “to a minimum” in class actions.