A former QRx Pharma director’s prediction that shareholders would not receive “anything of consequence” from a class action settlement has proven true, with only a small slice of the $7 million settlement expected to go to shareholders.
Insurance policies that may be worth up to $46 million and have derailed settlement approval in two class actions against sandalwood producer Quintis were “cobbled together” and contained errors and omissions, a court has heard.
Two competing shareholder class actions against global winemaker and distributor Treasury Wine Estates over an earnings downgrade in January this year should be consolidated, and a judge should pick just one law firm to run the case, a court has heard.
ASX-listed generic drug maker Mayne Pharma is facing a possible shareholder class action over disclosures related to US price-fixing allegations against the ASX-listed company.
The High Court has denied a special leave application by the former directors of defunct financial advisory Storm Financial, after the Full Federal Court upheld a ruling finding they had breached their duties to eleven vulnerable investors by providing an inappropriate, one-size-fits-all model of investment advice.
Barrister Norman O’Bryan has accepted that he should be struck from the roll of legal practitioners after dropping his defence mid-trial against claims of professional misconduct as senior counsel for a class action financed by the late Mark Elliott, but the consequences for the once high-flying silk might not end there.
Maurice Blackburn did not breach its obligations by using material from a now settled class action against Treasury Wine Estates to draft new class action pleadings against the wine maker, a court has found.
After “unavoidable delays”, shareholders will soon be notified of a settlement reached one year ago in a class action against QRxPharma, but a company director has warned group members will receive nothing of consequence and the law firm and funder involved in the case would be disappointed by their takeaways.
Receivers appointed in the wake of the collapse of Banksia Securities may seek costs orders against the estate of deceased funder and class action lawyer Mark Elliott, a court has heard. Meanwhile, the Victorian Bar says it has âevery confidence in the judicial processâ after senior counsel Norman OâBryan yesterday abandoned his defence of misconduct allegations stemming from the case.
Lawyers running a class action against recycling company Sims Metal Management say the court has power to approve their bid to amend the group member definition that will effectively close the class, but the judge overseeing the case will appoint a contradictor to represent group members in a hearing over the application.