The majority shareholder in insurance broker Coverforce has won its bid to use documents from an existing lawsuit over the company’s $25 million acquisition of Suncorp unit Resilium in new proceedings it intends to bring.
A former QRx Pharma director’s prediction that shareholders would not receive “anything of consequence” from a class action settlement has proven true, with only a small slice of the $7 million settlement expected to go to shareholders.
After “unavoidable delays”, shareholders will soon be notified of a settlement reached one year ago in a class action against QRxPharma, but a company director has warned group members will receive nothing of consequence and the law firm and funder involved in the case would be disappointed by their takeaways.
A judge has handed ASIC a “narrow” win in its action against former Tennis Australia director Harold Mitchell, tossing most of the regulator’s case and accusing it of “confirmatory bias”.
ASIC has launched court proceedings against Melbourne-based foreign exchange and derivative trader Forex CT alleging it engaged in unconscionable sales tactics that led to hundreds of thousands of dollars in investor losses.
A subsidiary of US mining giant Cleveland-Cliffs has fought back a second bid to quash its counterclaim for lost profits in a contractual dispute over the lucrative Koolyanobbing iron ore mine, with the Western Australia Court of Appeal saying the claim was not “clearly untenable” as argued.
Dam operator Seqwater is challenging a decision that put it on the hook for 50 per cent of any damages payouts to thousands of members of a long-running class action over the 2011 floods that destroyed 2,000 Queensland homes.
A judge has ordered two class actions brought against 7-Eleven on behalf of franchisees to pay $3 million in security for costs as trial in the cases gets pushed to August next year.
Vehicle Management Systems will take another crack at opposing a patent application by rival SARB Management Group for an integrated magnetic parking overstay detector.
A US-based aviation leasing company has launched proceedings against Virgin Australia and its administrators, seeking possession of aircraft engines and other parts in the first legal challenge to the conduct of the administration.