Four executives of the failed Arrium have named auditor KPMG as a “concurrent wrongdoer” in defending a shareholder class action over a $754 million capital raising two years prior to the mining and steel giant’s $2 billion collapse.
A settlement reached in a lawsuit by the liquidators of collapsed steel giant Arrium against 10 former company directors accused of insolvent trading has been approved by a judge, who noted that while the settlement amount was “substantial”, the deal involved a “substantial compromise”.
A fight is looming over a bid by S&P Global for a class action applicant to pay security for the legal costs of defending the litigation, with the applicant arguing it shouldn’t have to fork over anything.
The Australian Federal Police executed a search warrant on the Sydney office of technology company Nuix, which is now facing the threat of at least three class actions over disclosures concerning its $2.9 billion float, one of which is now well advanced.
Labor Senator Deborah O’Neill has taken a swing at ASIC commissioner and former Macquarie general counsel Cathie Armour for failing to act on concerns raised prior to the $2.9 billion IPO of embattled technology company Nuix, which led to a $580 million payday for shareholder Macquarie.
A judge has gutted a defence and counterclaim filed by the biggest unitholder in investment fund Vale in a battle with a litigation funder and liquidators over agreements to join two class actions against S&P Capital, a fight that threatened to hold up one of the class actions.
Payments provider Tyro is facing two potential class actions over a days-long terminal outage that left many businesses unable to accept payments, the first of which is expected to be filed “imminently”.
Class actions are the next battleground following Thursday’s Federal Court ruling that the government owes a duty of care to protect children from the risks of climate change, according to a number of legal experts.
One of the lead applicants in a settled shareholder class action against technology company Arasor wants to set aside a statutory demand from funder International Litigation Partners, reviving a years-long beef over $1.2 million allegedly owed in personal expenses under a side agreement agreement with the funder.
Grant Thornton has won approval to a bring a cross-claim against Forge Group, just three months ahead of trial in the collapsed engineering company’s case against the accounting firm and ten former directors for their alleged negligence in relation to its “uneconomic” purchase of CTEC in 2012.