Shareholders who registered for a class action against mining company MacMahon Holdings will get a $2.4 million cut of a proposed $6.7 million settlement, according to a notice sent to group members ahead of next week’s settlement approval hearing.
Shine Lawyers has acquired boutique class action firm ACA lawyers, a deal that will create the second largest class action firm in Australia by caseload and position the firm to take advantage of an expected increase in shareholder class action work.
Macmahon Holdings has agreed to pay $6.7 million to settle a shareholder class action alleging the mining company failed to provide adequate disclosures about the impact delays on a project for Rio Tinto in the Pilbara would have on its profitability.
Iluka Resources has shot back at claims in a shareholder class action that it made misleading statements about projected sales volumes, saying the statements were accompanied by extensive disclaimers about its ability to predict future sales.
A week before WorleyParson’s CEO promised shareholders net profits in excess of $322 million for the 2014 financial year, the engineering group’s global finance director told its CFO that the company’s earnings targets were “a stretch”, according to an email uncovered in a shareholder class action.
The government has won court approval to amend its defence mid-trial in a class action brought by businesses alleging they were harmed when the Rudd Government cancelled a program that subsidised home insulation installations during the economic downturn.