A litigation funder has reaped $7.5 million from the sale of a 20 per cent stake in a shareholder class action against the Commonwealth Bank of Australia over the bank’s allegedly lax money laundering compliance.
Apple and Google have been hit with class actions alleging they violated competition laws by charging customers inflated commission on certain apps and in-app purchases.
The ruling by the Full Federal Court that funded class actions are not managed investment schemes marks the end of an ill-considered regime enacted by the Morrison government to rein in class actions, but the debate over regulation of litigation funders is not over yet.
A victor remains to be crowned following a heated beauty parade between competing class actions against tech company Nuix, with two law firms facing criticism for their “cumbrous” consolidation proposal and a third firm copping flak for its “opaque” financials.
A judge has allowed two law firms to jointly run a consolidated shareholder class action against dairy company a2 Milk, saying the arrangement was in the interests of group members and was “not novel”.
Regenerative medicine company Mesoblast has been hit with a second class action for allegedly misleading shareholders about it Remestemcel-L treatment for COVID-19 complications.
With the Australian Labor Party to form government after Saturday’s election defeat for the Coalition, class action lawyers are looking forward to reforms that expand access to justice, enshrine the court’s power to supervise costs and wind back Morrison-era legislation.
Two law firms are joining forces in the hopes of winning a contest of competing securities class actions against technology company Nuix over its $1.8 billion IPO.
Deloitte and Noumi, formerly known as Freedom Foods, have pointed the finger at one another in a consolidated shareholder class action, with the accounting giant saying the food company made misleading representations in its financial reports and should be on the hook for its costs in defending the lawsuit.
A judge has censured Dominoâs Pizza and the lead applicant in an underpayments class action, saying their lack of cooperation made his âblood boilâ.