The litigation funder backing a class action against engineering company UGL over disclosures related to the ballooning costs of its Ichthys power project could pocket up to 30 percent of any settlement or judgment, according to a court order.
Macmahon Holdings has agreed to pay $6.7 million to settle a shareholder class action alleging the mining company failed to provide adequate disclosures about the impact delays on a project for Rio Tinto in the Pilbara would have on its profitability.
Investment manager Blue Sky, which is currently facing three shareholder class action investigations, has admitted to incorrectly charging $4.1 million in fees to certain funds over a ten-year period.
The funder underwriting a class action against Westpac will take a 25 percent cut of the net — not gross — recovery sum to secure a judge’s approval of a common fund order in the case.
A judge has rejected an application by biotech company Sirtex Medical to limit a class action to shareholders who register as group members in the next month, saying a class-closure order could dramatically cut down on the size of the class.
A judge has shot down a request by financial services company AGM that the court halt an ASIC proceeding seeking to revoke its financial services licence while a Federal Court case against it progresses.
The former CEO of biotech company Sirtex Medical has been charged with insider trading.
A landmark ruling that transferred four competing federal class actions against AMP to state court will stand, with the law firms behind the cases opting out of a fight in the High Court.
BHP Billiton has been hit with a third class action in Australia over the 2015 dam failure at its Samarco mine in Brazil, and the lead applicant in the latest case — one of the biggest pension funds in the US — has a lot at stake.
Herbert Smith Freehills has won a ruling that puts United Petroleum on the hook for the costs — on an indemnity basis — of the law firm’s defence against a case that was, according to a judge Tuesday, “devoid of merit”.