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PWC claims privilege against self-incrimination in fight over Vocation audit files
Class Actions 2019-05-22 8:42 pm By Christine Caulfield

Accounting giant PricewaterhouseCoopers is resisting a notice to produce audit files in a consolidated shareholder class action over the collapse of education and training company Vocation, arguing its partners face a real risk of criminal and civil penalty proceedings and are entited to claim privilege against self-incrimination.

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Regulator flexes new super powers over troubled IOOF entities
Financial Services 2019-05-22 8:34 pm By Amelia Birnie

The threat of civil penalties is growing for troubled financial services provider IOOF, after the prudential regulator used its new superannuation powers to issue directions to two IOOF entities for failing to comply with licence conditions.

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Law firms to learn fate in AMP class action beauty parade
Analysis 2019-05-21 11:25 pm By Christine Caulfield

A ruling by a judge deciding a four-way contest to run a shareholder class action against AMP is expected this week, a judgment significant not just because it is the first time a court in Australia has been asked to choose among so many competing representative cases.

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ANZ brings on class actions ace as new group GC
People In The News 2019-05-21 8:43 pm By Christine Caulfield

ANZ has recruited seasoned class actions lawyer Ken Adams to be its next group general counsel as the bank faces two cases over a botched share placement and braces for the possibility of more litigation in the wake of the Banking Royal Commission.

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Class action says UGL should have forecast $129M loss on Ichthys LNG project
Class Actions 2019-05-21 8:00 pm By Miklos Bolza

UGL knew a loss for its Ichthys power project was “looming” as early as February 2014, according to amended pleadings in a shareholder class action, which claims the engineering firm should have forecast a loss of $129 million for the project.

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CIMIC faces bid for indemnity costs after last-minute subpoenas derailed class action trial
Class Actions 2019-05-21 4:20 pm By Miklos Bolza

The lead applicant in a shareholder class action against global engineering firm CIMIC Group has made a bid for indemnity costs, after a last-minute subpoena of three former executives led to the trial being vacated.

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Oaktree places Blue Sky into receivership amid class action threat
Restructuring & Insolvency 2019-05-20 11:05 pm By Cat Fredenburgh

US hedge fund Oaktree Capital has placed fund manager Blue Sky Alternative Investments into receivership, following a tumultuous period marked by the loss of senior executives and three shareholder class action investigations amid concerns about the company’s method for valuing its assets under management.

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‘No material risk’ of fire: PE cladding importer hits back at class action
Class Actions 2019-05-20 9:23 pm By Miklos Bolza

Australian distribution firm Halifax Vogel has struck back at a class action alleging it violated consumer laws with its representations regarding the quality of Alucobond cladding, denying that the cladding puts buildings and their occupants at risk of harm or death from fire.

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Judge finds real risk of ASIC case against former IOOF exec
Financial Services 2019-05-20 9:05 pm By Amelia Birnie

Former IOOF chairman George Venardos will be allowed to object to incriminating evidence and discovery in proceedings brought by APRA, after a court found there was a real and appreciable risk that ASIC could also bring a civil case against him.

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‘Fantastic, in the true sense of the word’: judge slams Appco class action funder’s 40% cut
Class Actions 2019-05-16 9:19 pm By Amelia Birnie

A judge has raised serious concerns about the proposed commission by the funder behind a $90 million sham contracting class action against fundraiser Appco, slamming as “intuitively wrong” an arrangment that could leave group members pocketing less than half of any recovery.  

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