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Court asked to sign off on 34% cut for group members in Wellard class action
Securities 2024-03-14 4:36 pm By Sam Matthews

A shareholder class action against livestock exporter Wellard is seeking approval for a $23 million settlement which will see only $7.86 million go to group members, telling the court that the funder and law firm that ran the case have agreed to take a haircut on the deductions they’re entitled to.

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In class action defence, Blue Sky says EY has case to answer
Class Actions 2024-03-13 11:15 pm By Sam Matthews

Defunct investment firm Blue Sky has denied a class action’s claims that it misled shareholders ahead of its 2019 collapse and has pointed the finger at auditor EY.

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‘A Pyrrhic victory’: Class action up for Worley’s costs after failing to prove loss
Class Actions 2024-03-07 3:59 pm By Christine Caulfield

Despite succeeding on a number of claims, the applicant in a tortuous shareholder class action against Worley must foot the engineering services company’s bill for defending two trials.

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ASX pays $1.05M fine for ‘careless’ pre-trade transparency failure
Securities 2024-03-07 2:57 pm By Christine Caulfield

ASX Limited has paid a $1,050,000 fine after the corporate regulator pinged it with an infringement notice for failing to comply with market integrity rules — a first against the market operator.

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Downer EDI points finger at KPMG in shareholder class action
Energy & Natural Resources 2024-03-04 3:55 pm By Christine Caulfield

Downer EDI has named KPMG in a cross-claim in a class action by shareholders, a move the accounting giant says has forced it to resign as auditor for the infrastructure services company.

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Law firm wins 30% contingency fee rate in IAG shareholder class action
Class Actions 2024-02-29 11:50 pm By Christine Caulfield

The law firm behind a class action against Insurance Australia Group has secured a group costs order that will give it 30 per cent of any proceeds — a contingency fee rate six percentage points higher than the median rate for shareholder cases.

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Slater & Gordon says lawsuit over private equity takeover names wrong defendant
Securities 2024-02-21 4:11 pm By Christine Caulfield

Slater & Gordon is seeking summary dismissal of a case brought by a shareholder over the plaintiff firm’s takeover by private equity firm Allegro, saying it is not the right target for the claims.

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Noumi seeks to shield PwC report in privilege fight with ASIC
Securities 2024-02-14 5:39 pm By Cindy Cameronne

Noumi has argued a PricewaterhouseCoopers report commissioned by its lawyers at Ashurst is protected by legal professional privilege, after the food manufacturer admitted to overstating the value of its inventory and failing to properly disclose its financial position.

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Deductions to eat up 66% of Wellard shareholder class action settlement
Class Actions 2024-02-13 10:43 pm By Cat Fredenburgh

Group members in a shareholder class action against livestock exporter Wellard will get 34 per cent of a $23 million settlement if the court approves deductions sought by the funder and law firm that ran the case.

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Shareholder class action collapses may up litigation risk, dampen plaintiffs’ appetite
Analysis 2024-02-12 11:17 pm By Christine Caulfield

The recent dismissal of two shareholder class actions after hard-fought trials is expected to lead to a recalibration of litigation risk and may discourage plaintiff firms and funders from pursuing what might once have been considered slam dunk cases, experts say.

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