The plaintiffs in one of two shareholder class actions brought against troubled sandalwood producer Quintis have complained about potential delays that could result from the “overly complicated loss theory” being advanced in a parallel class action.
Six individuals interviewed by ASIC in relation to the collapse of sandalwood producer Quintis have sought leave to intervene in the regulator’s case against the company’s founder, Frank Wilson, after he sought discovery from ASIC of interview transcripts.
Shareholders of troubled sandalwood producer Quintis who are eligible group members in two consolidated class actions against the company can bet on which of the two cases will give them the best returns, if any, and the Federal Court has appointed an independent lawyer to help them make the choice.
Failed sandalwood oil producer Quintis has agreed to hand over insurance policies showing any coverage for potential liability it or its former CEO may have in two class actions brought against them.
The Quintis shareholder class action trial could be delayed for almost two years, while ASIC runs its civil proceedings case against the founder of the sandalwood oil production company.