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.
Shareholders of collapsed steel and mining giant Arrium have won the OK to question a one-time director over possible class action claims that former officers misled the market and that auditor KPMG was negligent in preparing a healthy financial report just two years before the company went under.
Whether judges can alter the terms of litigation funding agreements in class actions is a question that will remain unsettled for now, after litigation funder IMF Bentham chose to sidestep a lengthy, costly and risky challenge to the reach of the court’s powers.
The banks and executives at the centre of a landmark criminal cartel case can question four ACCC investigators and witnesses from JP Morgan at an upcoming committal hearing, with a magistrate saying Friday there were “substantial reasons in the interests of justice” to allow the cross-examination.
Murray Goulburn has agreed to pay $37.5 million to resolve the second of two shareholder class actions over its 2016 profit forecasts, as the $42 million settlement of the first class action is held up over questions about the litigation funder’s commission.
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.
The High Court has granted a Nigerian agent tricked into terminating his contract with international bank note manufacturer CCL Secure special leave to appeal a Full Federal Court judgment slashing a $65 million award in his favour.
The Australian Prudential Regulation Authority will not challenge a Federal Court ruling that dismissed its case against fund manager IOOF as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”.
Online fashion retailer Surfstitch has reached an in-principle settlement in two shareholder class actions, about nine months after an initial agreement to resolve the dispute derailed.
US asset management firm State Street has dropped its trade mark claims against a second superannuation fund over its iconic Fearless Girl statue, leaving law firm Maurice Blackburn as the lone defendant as a November trial date approaches.