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 class action against Virgin Australia has become a lawyers’ feast, with seven new firms entering the ring after a dozen insurers were joined to the action alleging the airline failed to disclose its true financial position in a $324 million capital raising prospectus.
A Blue Sky director has pointed the finger at auditor Ernst & Young in a class action alleging the collapsed investment firm misled shareholders by misstating its assets under management.
A judge has refused a lead applicant’s novel bid for financial information to use at settlement discussions in a group proceeding against Dixon Advisory.
SkyCity has set aside $45 million for its legal costs and a possible penalty in AUSTRAC proceedings alleging it allowed $4 billion in suspicious transactions at its casino.
Class actions throw up all manner of ethical conundrums, but a recent Federal Court decision has shined a light on the question of whether funders and law firms should take out loans to run class actions and whether they can charge the costs to group members.
Shine Lawyers has lost its bid to recover $32 million in interest on a loan it took out to run two pelvic mesh class actions against Johnson & Johnson, with a judge finding it would make a “marginal settlement less than reasonable”.
The Australian Broadcasting Corporation has defended its reporting of alleged war crimes in a defamation case by ex-commando Heston Russell, saying the debate over whether its stories were in the public interest “rises well above truth”.
Auditor Ernst & Young has filed cross-claims against Blue Sky in a shareholder class action accusing the collapsed investment firm of misleading shareholders by misstating its assets under management.