A settlement reached in a lawsuit by the liquidators of collapsed steel giant Arrium against 10 former company directors accused of insolvent trading has been approved by a judge, who noted that while the settlement amount was “substantial”, the deal involved a “substantial compromise”.
A judge has rejected a request that he approve a settlement with the lead applicants in a class action by investors in failed music streaming platform Guvera that would dispense with the class action without notice being sent to group members.
Westpac and French investment bank Societe Generale have obtained freezing orders over $263 million in assets in fraud cases brought against a Sydney software firm and its director, with a court hearing that other financial institutions may also be at risk from the alleged fraud.
Canadian trader Daniel Schlaepfer has suffered a loss in his $10 million defamation case against ASIC, with an appeals court tossing the lawsuit despite finding the regulator defamed him and his firm by accusing them of unlawful market manipulation.
The founder of embattled investment group Mayfair 101, James Mawhinney, will argue that he should not be ordered to pay any penalty after the company was found to have misled investors about its financial products.
Payday lender Cigno has lost its appeal of a ruling which upheld ASIC’s first product intervention order banning the use of short-term lending models with “excessive” fees.
A fight is looming over a bid by S&P Global for a class action applicant to pay security for the legal costs of defending the litigation, with the applicant arguing it shouldn’t have to fork over anything.
US financial services giant State Street has appealed its loss in a lawsuit brought against Maurice Blackburn over the law firm’s use of a replica of the famous Fearless Girl statue.
Deloitte has agreed to settle a $3.8 million lawsuit brought by a partner that challenged the accounting firm’s mandatory retirement policy.
A court has dismissed ASIC’s enforcement action against payday lenders Cigno and BHF Solutions, finding the companies did not need a licence to issue loans to hundreds of thousands of consumers.