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In second securities class action failure in two days, IOOF shareholders lose out
Class Actions 2023-12-20 11:55 am By Cindy Cameronne

A judge has dismissed a securities class action against Insignia Financial, formerly known as IOOF, in the second judgement in two days to find no loss to shareholders.

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Judge signs off on 24% GCO in a2 Milk shareholder class action
Class Actions 2023-12-20 3:21 pm By Sam Matthews

A judge has approved a 24 per cent group costs order in a consolidated class action against a2 Milk, noting the complexity of the claims against the dairy giant and saying a GCO would align the class action lawyers’ interests with group members’.

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Noumi can’t shield lawyer’s evidence in privilege claim over Ashurst, PwC docs
Class Actions 2023-12-20 11:19 pm By Cindy Cameronne

Noumi has largely lost its bid to shield from a class action parts of its inhouse counsel’s evidence supporting a privilege claim over 3,000 documents seen by Ashurst and PricewaterhouseCoopers during an investigation into the company’s financial position.

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In class action re-do, Worley shareholders establish breach but fail to prove loss
Class Actions 2023-12-19 9:44 am By Christine Caulfield

Worley contravened the Corporations Act a decade ago when it failed to correct 2014 earnings guidance for several months, but shareholders in a long-running class action against the engineering services company have failed to prove the breach caused any loss, a judge has found.

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Funders’ cut, legal fees to eat up half of $40M RCR Tomlinson class action settlement
Class Actions 2024-01-09 11:56 pm By Christine Caulfield

The funders that bankrolled a securities class action against collapsed engineering firm RCR Tomlinson will ask the court to give them an $8 million cut of a $40 million settlement. A further $12 million in legal fees means shareholders will get 50 per cent of the settlement sum.

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ASIC takes stockbroker Adam Blumenthal to court for alleged market rigging, breaches of duty
Financial Services 2023-12-15 11:35 pm By Cat Fredenburgh

The corporate regulator has brought proceedings against EverBlu Capital and Creso Pharma director Adam Blumenthal, alleging market rigging and breaches of duty, and has accepted an undertaking by the stockbroker that he will quit his involvement in financial services for the next five years.

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Jan Cameron found guilty of failing to disclose interest in Bellamy’s
White Collar 2023-12-15 10:43 pm By Sam Matthews

Former Bellamy’s Australia director Jan Cameron has been found guilty of two counts of breaching the Corporations Act, following an investigation by the corporate regulator over her failure to disclose her stake in the baby formula company. 

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ANZ hit with $900,000 penalty for share placement disclosure failures
Securities 2023-12-08 3:38 pm By Christine Caulfield

ANZ’s failure to disclose a bailout by banks underwriting a $2.5 billion share placement has resulted in a penalty of less than $1 million, ending an eight-year saga that included an aborted criminal trial.

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PwC class action by Axsesstoday bondholders wants to add insurer, 3 years in
Class Actions 2023-12-04 11:29 pm By Christine Caulfield

More than three years after filing a class action against failed asset finance lender Axsesstoday and auditor PricewaterhouseCoopers over a $50 million prospectus, the applicant has asked a court to file a new statement of claim that will join insurer Dual Australia to the case.

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Noumi in talks with ASIC on penalty for continuous disclosure breaches
Securities 2023-12-01 1:38 pm By Cindy Cameronne

Food manufacturer Noumi is trying to reach agreement with the Australian Securities and Investments Commission on a penalty to propose to the court for violating its continuous disclosure obligations by overstating the value of inventory.

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