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Noting the "significant and beneficial reduction" in recent funding rates, the judge overseeing a shareholder class action against recycling company Sims Metal Management has signed off on an order capping the commission of the funders at 25 per cent of any net proceeds and setting a minimum 50 per cent of any recovery for group members.
Treasury Wine Estates is trying to claw back a $1.3 million share bonus paid to former managing director Peter Dixon, alleging serious misconduct relating to the intellectual property theft of highly confidential documents.
Boutique class actions law firm Phi Finney McDonald has won its bid to reserve costs incurred before its case was permanently stayed in the AMP shareholder class action beauty contest, after the firm racked up at least 1,345 hours in “sunk costs”.
The former CEO and director of biotech company Sirtex Medical, Gilman Wong, is facing a maximum ten years in prison after pleading guilty to insider trading.
A judge has refused to grant an injunction stopping the appointment of receivers to Australian cloud-based superannuation fund manager SMSF Squirrel Ltd, describing the company’s financial position as “precarious” and likely to worsen beyond its current liabilities of $7.8 million.
Clothing manufacturer IFOTA has been ordered to open its books to shareholder Simba after it raised concerns about IFOTA's management and financial position.
A judge has released his reasons for consolidating two shareholder class actions against logistics company Brambles over opposition by the lead applicant in one of the competing cases, saying the interests of group members trumped those of the lawyers and funders in the case.
The Australian Securities and Investments Commission is challenging the dismissal of its enforcement action against National Australia Bank contractor Whitebox Trading and sole director Johannes Boshoff, which accused them of market manipulation that resulted in a spike in the price of securities on the ASX-200 index in October 2012.
An appeals court has dismissed a third attempt by directors of mortgage aggregator Connective Group to stifle a shareholder’s derivative lawsuit over a restructure that allowed the sale of 25 per cent of its business to Macquarie Bank.