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A settlement in a shareholder class action against GetSwift has collapsed as the logistics company seeks to secure financing to keep it afloat and pay the final portion of the deal's $1.5 million cash component.
A settlement agreement in a shareholder class action against GetSwift may be scrapped as the applicant seeks more information as to whether the logistics company is solvent or about to go under.
If evidence were needed that courts are not rubber stamping class action settlements, the scrutiny of multi-million dollar agreements in 2021 is proof positive that judicial oversight of representative proceedings is robust.
Class action settlement totals skyrocketed to over $900 million last year, and one law firm negotiated the lion's share, with $672 million in settlements under its belt.
Two major Zip Co investors have sued Merrill Lynch for allegedly breaching its duties as financial advisor by recommending they sell their shares in the Aussie fintech after September 1 last year, at which point Paypal's announcement that it would enter the buy now, pay later market had sent Zip's share price plummeting.
Two landmark class actions seeking damages from the Victorian government for economic losses suffered during last year's second wave of COVID-19 have been thrown out, but one of the cases will be given a second chance to proceed.
A judge has dressed down ASIC over the handling of its action against GetSwift, criticising the regulator's failure to seek a court injunction to prevent the company's relocation to Canada.
The battle to lead a shareholder class action against Nuix over its $1.8 billion initial public offering is on, with a second class action lobbed that accuses the embattled technology company and underwriter Macquarie of failing to alert shareholders to a slew of "red flags" in the business.
Embattled technology company Nuix has been hit with a shareholder class action over its $1.8 billion December float on the ASX.
A judge has indicated he will approve the 'very low' GetSwift class action settlement because the company appeared to be broke, but the law firm behind the case has been pulled up by the court for a previous costs estimate that has blown out by $3 million.