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The court's authority to shut down competing class actions is no longer in doubt after Tuesday's Full Federal Court judgment in the case against GetSwift, and while there is no "silver bullet" when it comes to how judges must deal with multiple proceedings, there are key factors to weigh, the appeals court said. Here, experts provide the big takeaways from the landmark ruling.
Maurice Blackburn and Phi Finney McDonald have sidestepped a competing class action battle in the high-stakes litigation against Commonwealth Bank of Australia over alleged breaches of money laundering laws, with the firms proposing to jointly lead a consolidated class action against the bank.
Bannister Law has stepped down from leading a shareholder class action, the second major class action the firm has recently handed over to a rival firm without explanation.
A Dick Smith shareholder has lost his bid to bring a separate proceeding against the failed home goods retailer while two class actions are afoot.
The Full Federal Court has dismissed a challenge to a ruling that chose one of three shareholder class actions to proceed against GetSwift, saying the court had the power to permanently stay competing cases. But an injunction blocking the losing law firms from communicating with clients was going too far, it said.
A groundbreaking judgment by the Full Federal Court over competing class actions will be handed down Tuesday morning and is expected to give judges much needed guidance on how to move forward when confronted, as they increasingly are, with multiple proceedings over the same alleged misconduct.
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".
An attempt by Crown Resorts to block ex-employees from talking to class action lawyers about the casino giant's thwarted business in China was contrary to the public interest, a judge heard Monday.
Retail OTC derivative issuer AGM Markets has had its financial services licence canceled, after ASIC found it engaged in unconscionable conduct and failed to manage conflicts of interest.
Lawyers leading a class action against Quintis want the failed sandalwood oil producer to hand over evidence of any insurance policy that could cover the company and its founder for damages sought in the case.