AIG has settled a lawsuit brought by Kaboko Mining against several former directors alleging they failed to exploit commercial opportunities, after the insurer failed to convince an appeals court that an insolvency exclusion in the company’s D&O policy should exempt it from covering the claims.
A judge has fined Ardent Leisure $3.6 million after the operator of the Dreamworld theme park pleaded guilty to three charges stemming from the 2016 deaths of four people on the park’s now demolished Thunder River Rapids ride.
The applicants in a shareholder class action against Dreamworld owner Ardent Leisure over a 2016 tragedy in which four people died following a ride malfunction have lost their request for the company’s insurance documents, with a judge rejecting suggestions that the theme park operator lacks assets to pay the estimated $310 million in claims.
The lead applicant in a shareholder class action against Dreamworld owner Ardent Leisure over a 2016 tragedy in which four people died following a ride malfunction is seeking access to the company’s insurance documents, amid fears the theme park operator lacks assets to meet the estimated $310 million lawsuit.
The Australian Securities and Investments Commission has brought legal proceedings against four directors of Linchpin Capital Group, the latest action over the financial services firm that allegedly funnelled $11 million of investor funds into unauthorized business and personal loans.
The Australian Taxation Office has won its appeal of a ruling that found that a 15 per cent ‘Backpacker’s Tax’ imposed on holders of Australian working holiday visas was unlawful.
A court has granted ASIC’s bid to wind up an illegal managed investment scheme whose operators fled to India following the “systematic misappropriation” of almost $7 million in investor funds.
Garmin has reached a settlement in a competition case brought by its former exclusive Australian distributor alleging the GPS technology giant misused its market power after the supplier refused to give up its five best customers.
Three former directors of billion-dollar financial advisory firm Linchpin Capital Group will face two days of questioning in examination proceedings filed on behalf of an investor five months after the company was wound up for running an unregistered investment scheme and misleading investors.
A judge has given the all-clear to an investment management company to access evidence for potential legal action against the National Stock Exchange of Australia after the firm’s shares were suspended without warning or explanation.