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After landmark Myer ruling, settlements in shareholder class actions to stay the norm
Analysis 2019-10-25 8:39 pm By Christine Caulfield

A groundbreaking class action ruling by the Federal Court on Thursday that found Myer misled shareholders and accepted the applicant’s market-based causation theory is the only judgment in an Australian securities class action since the first shareholder case was brought 20 years ago, and it might be the only one for years to come.

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Group members expected to get half of $16.5M Forge class action settlement
Class Actions 2019-10-25 12:46 pm By Cat Fredenburgh

The law firm and funder behind a class action against collapsed engineering and construction company Forge Group, former directors and their insurers, which has now settled for $16.5 million, have proposed cuts that would see $8.25 million left over for distribution to group members.

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Judge ‘defies anyone’ to understand confusing Surfstitch opt out notice
Class Actions 2019-10-25 10:34 am By Miklos Bolza

A judge has ordered the legal teams behind two settled Surfstitch class actions to have another crack at the opt out notice, saying the current version is “just too confusing” for group members.

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Judge rules Myer misled shareholders, backs market-based causation
Class Actions 2019-10-24 2:39 pm By Christine Caulfield

A judge has ruled that department store Myer engaged in misleading or deceptive conduct and breached its continuous disclosure obligations when it failed to correct its “inflated” 2015 net profit forecasts, but said shareholders may not have suffered any loss flowing from the breaches, in a monumental decision that also found investors do not always need to prove direct reliance on misrepresentations in claiming damages in class actions.

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Quintis founder wins unredacted transcripts of ASIC chats with directors
White Collar 2019-10-23 9:15 pm By Miklos Bolza

Quintis founder Frank Wilson has won his bid for unredacted transcripts of ASIC examinations with six former directors of the failed sandalwood company.

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Toyota points finger at drivers in diesel filter class action
Class Actions 2019-10-23 3:42 pm By Miklos Bolza

Responding to a class action on behalf of over 250,000 car owners, auto giant Toyota has admitted issues with filters in three of its diesel vehicle models but says drivers who failed to respond to warning lights in their cars could not clam damages for any breaches of quality guarantees.

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Watchstone to pay $20.7M to settle with Slater & Gordon UK over $1.2B acquisition
Corporate 2019-10-22 11:24 pm By Cat Fredenburgh

Slater & Gordon UK has agreed to a $20.7 million settlement of its claims against Watchstone Group, after seeking more than $1 billion from the insurance company over a botched 2015 acquisition that has spawned multiple class actions against the Australian firm.

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Stage set for battle over court’s power to vary class action funding agreements
Analysis 2019-10-22 11:06 pm By Christine Caulfield

A judge’s decision refusing to approve a $42 million settlement in a shareholder class action against Murray Goulburn because of a “too high” funder’s commission has set the stage for a showdown over the power of courts to alter funding agreements, a battle potentially more consequential than the fight over common fund orders now before the High Court.

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Mazda faces possible class action over diesel engine defects
Class Actions 2019-10-22 9:29 pm By Miklos Bolza

Law firm Bannister Law is probing a possible class action against Mazda after the automotive giant recalled tens of thousands of diesel vehicle models due to engine safety defects.

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Judge tosses Babcock & Brown cases, finds ‘serious problems’ with market-based causation
Securities 2019-10-21 8:47 pm By Miklos Bolza

A judge has dismissed three proceedings by shareholders against the liquidator of failed global financial services firm Babcock & Brown, in a finding that highlights “serious problems” with market-based causation and may have ramifications for securities class actions.

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