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Omni Bridgeway to take $2.1M hit from loss in CBA class actions
Class Actions 2024-05-10 11:52 pm By Cat Fredenburgh

Omni Bridgeway will book a smaller-than-expected loss from its investment in failed shareholder class actions against the Commonwealth Bank of Australia that it spent close to $10 million on, having curbed its exposure by selling a stake in the group proceedings.

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Slater & Gordon gets OK to have separate counsel at GCO settlement approval hearing
Class Actions 2024-05-10 11:15 pm By Cat Fredenburgh

Slater & Gordon has won the court’s nod to be separately represented at an upcoming settlement approval hearing where it will seek a $12.8 million group costs order for running a shareholder class action against G8 Education.

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JP Morgan cops $775,000 fine for ‘careless’ failure to flag suspicious commodities trading
Securities 2024-05-09 11:19 pm By Andy Sidler

Investment bank JP Morgan Securities has been fined $775,000 by the corporate cop after it failed to interrogate a number of unusual orders on wheat futures that should have raised red flags.

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Class action firms that play nice should not have a leg up in beauty parade, court told
Class Actions 2024-05-08 11:16 pm By Cat Fredenburgh

Appellate guidance is needed on whether a history of cooperation between law firms that brought competing class actions can be the deciding factor in a close carriage contest, the Victorian Court of Appeal has heard.

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London City Equities seeks wind up orders against Excelsior over $101M sale
Corporate 2024-05-06 11:53 pm By Cindy Cameronne

Investment firm London City Equities is seeking to have fellow publicly traded firm Excelsior wound up for alleged shareholder oppression over its decision to sell off a subsidiary for $101 million and not distribute the proceeds.

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Insurers for failed finance lender Axsesstoday settle class action claims
Class Actions 2024-05-06 2:00 pm By Christine Caulfield

A class action against failed asset finance lender Axsesstoday and auditor PricewaterhouseCoopers has reached an in-principle settlement with the lender’s insurers.

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With constitutional issue on cards, Full High Court to hear KPMG’s class action transfer push
Class Actions 2024-05-02 11:41 pm By Sam Matthews

The Full High Court will sit for the hearing of KPMG’s battle to transfer a Victoria class action to Sydney, as the applicant in the case raises a question as to the constitutional validity of the firm’s argument that the NSW Supreme Court is bound to keep a group costs order operative. 

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ASIC takes Magnis Energy, chair to court over battery plant disclosures
Securities 2024-04-30 3:59 pm By Andy Sidler

ASIC has brought proceedings against renewables company Magnis Energy Technologies and its executive chairman for allegedly misleading the market about the capabilities and funding for the company’s “flagship” battery production facility in New York. 

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Omni Bridgeway escapes fallout for failure to seek approval of EY replacement at AGM
Accounting 2024-04-22 1:23 pm By Cindy Cameronne

A judge has retroactively validated the appointment of BDO as auditor for litigation funder Omni Bridgeway after EY resigned due to a class action conflict, saying the failure to seek shareholder approval for the appointment was not the result of a blatant disregard for its obligations. 

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Eneco Refresh founder sentenced for market manipulation
Securities 2024-04-22 11:59 pm By Andy Sidler

The founder of ASX-listed bottled water company Eneco Refresh has been slapped with an 18-month suspended sentence after pleading guilty to market manipulation.

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