Majority shareholders in MWL Financial have won court approval to bring a derivative suit against US-based Focus Financial Partners over an acquisition gone sour.
The High Court has granted special leave to mortgage aggregator Connective in a dispute between the firm’s founder and major shareholders over a transfer of one-third of the company’s shares, in a case that could clarify whether litigation should be considered a prohibited form of financial assistance under the Corporations Act.
Viterra can amend its defence mid-trial in its dispute with Cargill over the $420 sale of its Joe White malt business to argue it was standard industry practice to fudge test results relating to malt quality, provided it identifies which industry players engaged in the practice.
The judge overseeing a fraudulent concealment trial over Cargill’s $420 million purchase of the Joe White malt business has reaffirmed an earlier ruling allowing an in-house counsel at Glencore to access documents related to the possible sale of Cargill’s malting business.
A court has told the Australian Securities and Investments Commission to produce more detailed allegations against former Tennis Australia directors Harold Mitchell and Stephen Healy over Seven Network’s five-year deal for the broadcast rights to the Australian Open after the regulator was slammed for a vague filing.
ASIC has banned the former director of AGM Markets from serving as a director for eight years, a few weeks after revoking the OTC derivative issuer’s financial services licence.
The Australian Securities and Investments Commission has sued businessman Harold Mitchell for allegedly passing confidential information onto Seven Network while serving as a director at Tennis Australia in order to help the network win broadcast rights to the Australian Open.
The former directors of Starcom have lost their bid to stay proceedings brought by the company’s liquidator alleging they knew the IT solutions provider was insolvent almost two years before it was wound up.
The Australian Securities and Investments Commission claims Rio Tinto’s former CFO was referring to the write down for the reserves for two coal assets that were part of a $4 billion acquisition of Rio Tinto Coal Mozambique when he sent an email to the company CEO in January 2012 that contained the phrase “worse by far than expected”.
Australian petrol retailer United Petroleum has lost a bid to disqualify a judge from a final hearing on costs in its unsuccessful battle against law firm Herbert Smith Freehills over a failed initial public offering.