The Australian liquidator of Lehman Brothers has filed a lawsuit seeking $40 million from Fitch Ratings for assigning too-rosy ratings to toxic financial products sold by the bank, following the discovery of a hidden table in Fitch’s rating model by the lawyers leading a now-settled class action against the accounting firm.
The head of Australia’s largest unlisted insurance broker, Coverforce, may face a future damages claim for misleading or deceptive conduct if a recent acquisition of former Suncorp unit Resilium is not reversed, a court has found.
A judge has signed off on a $16.5 million settlement of a shareholder class action against collapsed engineering and construction company Forge Group.
There is a “reasonable chance” that two shareholder class actions against failed electronics retailer Dick Smith will settle by February of next year, group members have learned.
A US institutional investor can use hindsight evidence in its breach of contract case against a former ANZ Bank trustee over the winding up of failed defence tech firm Metal Storm.
Liquidators of collapsed steel and mining company Arrium will challenge a ruling that gave shareholders the greenlight to question a former director to mount a possible class action, and have secured a limited stay of the judgment to lodge a notice of appeal.
The liquidators of Atlas Construction have won access to advice supplied by law firm Ashurst as they pursue examination proceedings against two of the company’s former directors.
Shareholders have appealed a ruling that found a “serious problem” with market-based causation and dismissed three cases against the liquidator of failed global financial services firm Babcock & Brown.
Shareholders of collapsed steel and mining giant Arrium have won the OK to question a one-time director over possible class action claims that former officers misled the market and that auditor KPMG was negligent in preparing a healthy financial report just two years before the company went under.
Multiplex is calling for the liquidators of collapsed engineering services group Hastie to pay its costs, and pay now, for pursuing an action to recover millions of dollars in unpaid bills on the grounds that the construction company was not entitled to offset its debts with amounts owing.