Unfunded group members in two shareholder class actions against online fashion retailer Surfstitch have been told they are likely better off to opt out of a settlement if a judge approves $6 million in fees and a 30 per cent commission sought by the law firms and funder that brought the cases.
The lead plaintiffs in two shareholder class actions against Dick Smith can amend their case against accounting firm Deloitte, less than two months before a mammoth hearing is set to commence.
A Sydney solicitor who was found liable for investor losses in a sports betting scheme masterminded by convicted conman Peter Foster may seek to shift the blame onto Westpac for the bank’s alleged failure to flag funds shifted offshore from the scheme.
Investors who sank $12.3 million into a fraudulent sports betting scheme run by convicted conman Peter Foster lost money because a Sydney lawyer failed to come forward with the truth, a judge has found.
The funders behind two shareholder class actions against online fashion retailer Surfstitch Group will seek a commission of up to 30 per cent while the law firms that brought the cases will ask for approval of up to $6 million in legal fees during an upcoming settlement approval hearing, which also puts the fate of a deed of company arrangement that saved the company from liquidation on the line.
Accounting giant Deloitte Touche Tohmatsu will not face cross claims over the collapse of failed retailer Dick Smith when a hearing of three shareholder class actions kicks off in three months.
A judge has ordered the legal teams behind two settled Surfstitch class actions to have another crack at the opt out notice, saying the current version is “just too confusing” for group members.
Activist US short seller Bonitas Research is refusing to participate in legal action brought in Australia by Rural Funds Group, as it continues to press allegations of fraud, which sent the agricultural fund managerās share price plummeting.
A judge has ordered all proceedings against Dick Smith to be heard concurrently during a marathon three month trial, after the plaintiffs in a shareholder class action brought against the failed electronics retailerās insurers aborted a fleeting bid to temporarily discontinue their case.
Two former Dick Smith directors targeted by dual class actions have expanded their case against Deloitte over the retailer’s 2016 collapse, saying if the company was found liable for shareholder losses then the auditor should be blamed for its shoddy work on the company’s financial statements during its float three years earlier.