Two class actions have failed to convince a judge that the Commonwealth Bank of Australia’s money laundering compliance failure which led to a $700 million penalty was “law breaking on a grand scale” that should have been disclosed to the market, the latest shareholder case to flop after being taken to trial.
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.
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.
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.
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.
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.
A class action against failed asset finance lender Axsesstoday and auditor PricewaterhouseCoopers has reached an in-principle settlement with the lender’s insurers.
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.
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.
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.