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Ernst & Young denies it was negligent in goodwill review of Slater & Gordon’s Quindell deal
Class Actions 2019-11-29 1:50 pm By Christine Caulfield

Accounting giant Ernst & Young, which has been dragged into two class actions by Slater & Gordon shareholders, has shot back at claims it was negligent in its 2015 audit report of the law firm’s UK division, which included a review of the firm’s disastrous acquisition of Quindell’s professional services arm that found no impairment on the goodwill value of the deal.

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Dam operators found negligent in Queensland floods class actions
Class Actions 2019-11-29 11:41 am By Miklos Bolza

The NSW Supreme Court has ruled against the operators of two Queensland dams as well as the state government, finding they were vicariously liable for the negligence of flood engineers in the 2011 Southeast Queensland floods that destroyed over 2,000 homes.

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With class actions likely, Westpac gives share purchasers a way out
Financial Services 2019-11-28 11:34 pm By Cat Fredenburgh

Embattled banking giant Westpac may be seeking to limit its potential liability in any shareholder class actions it may face in the wake of AUSTRAC’s lawsuit alleging 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank offering to refund some of those that purchased shares as part of a $2.5 billion capital raising.

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Class actions get boost with contingency fees bill in Victoria
Class Actions 2019-11-28 10:48 pm By Christine Caulfield

Plaintiffs lawyers running class actions in Victoria will be free to charge contingency fees under new legislation introduced by the Labor government this week, a move that will see a boost in class actions brought in the state and has prompted calls for the Federal Government to follow suit.

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Firms will seek up to $6M at SurfStitch class action settlement hearing
Class Actions 2019-11-28 4:03 pm By Miklos Bolza

The funders behind two shareholder class actions against online fashion retailer Surfstitch Group will seek a commission of up to 30 per cent while the law firms that brought the cases will ask for approval of up to $6 million in legal fees during an upcoming settlement approval hearing, which also puts the fate of a deed of company arrangement that saved the company from liquidation on the line.

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Judgment day in $1B Queensland floods class action
Class Actions 2019-11-28 3:13 pm By Cat Fredenburgh

Eight years after floods in Southeast Queensland destroyed more than 2,000 homes, a judge will deliver his ruling in two class actions seeking a record $1 billion in damages, and the decision could well come down to which of two conflicting flood modeling reports the judge sides with.

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Cross claims against Deloitte dropped in Dick Smith class actions
Class Actions 2019-11-28 12:29 pm By Miklos Bolza

Accounting giant Deloitte Touche Tohmatsu will not face cross claims over the collapse of failed retailer Dick Smith when a hearing of three shareholder class actions kicks off in three months.

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Funder’s cut, legal fees face scrutiny in second Murray Goulburn class action
Class Actions 2019-11-27 11:11 pm By Christine Caulfield

The litigation funder financing the second of two recently settled shareholder class actions against Murray Goulburn will face similar scrutiny over its commission as the funder behind the first action.

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Bellamy’s to pay $49.7M to settle shareholder class actions
Class Actions 2019-11-27 10:05 pm By Cat Fredenburgh

Infant food maker Bellamy’s has agreed to pay $49.7 million to settle two shareholder class actions alleging the company misled investors in 2016 about its China growth strategy and declining infant formula market share in Australia.

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Westpac responds to class action, says members benefited from ‘high’ super fees
Class Actions 2019-11-26 2:47 pm By Miklos Bolza

Two Westpac units have defended their choice to charge higher superannuation fees, saying in their responses to a Slater and Gordon class action that customers received numerous positive benefits in exchange for the charges.

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