Construction giant Lendlease faces a second shareholder class action over market disclosures relating to its underperforming engineering division, and joining the case is one of the biggest public pension funds in the US.
Defence shipbuilder Austal faces legal action by the corporate regulator challenging claims of privilege over documents sought as part of a probe into disclosures linked to cost overruns on the company’s $4 billion US Navy ship-building program.
An application by the former boss of Sirtex Medical for a sentencing date in the insider trading case against him has raised the ire of a NSW District Court judge, who called the bid premature and an attempt to jump the queue.
Residential aged care provider Estia Health says it will “vigorously defend” a class action filed by Phi Finney McDonald on behalf of shareholders who allege the company failed to disclose serious commercial difficulties with its acquisition strategy.
A judge overseeing a class action against engineering company UGL has agreed to extend a class closure order to give the parties a second chance to resolve the case in mediation, but not without expressing concerns that the order did not have the intended effect of encouraging settlement at the first sit-down.
Two former executives of Dick Smith may seek to vacate an upcoming trial date for two class actions against the failed retailer, after recently being hit with cross claims by the company’s former auditor, Deloitte.
Rival law firms Maurice Blackburn and Phi Finney McDonald will be allowed to work together without consolidating their separate shareholder class actions against the Commonwealth Bank of Australia, after a judge ruled that the bank had overstated the potential for extra costs and delays.
Allianz and a number of other insurers of Dick Smith are now facing a class action over the extent of coverage under an insurance policy for the collapsed electronics retailer’s initial public offering.
Noting the “significant and beneficial reduction” in recent funding rates, the judge overseeing a shareholder class action against recycling company Sims Metal Management has signed off on an order capping the commission of the funders at 25 per cent of any net proceeds and setting a minimum 50 per cent of any recovery for group members.
Treasury Wine Estates is trying to claw back a $1.3 million share bonus paid to former managing director Peter Dixon, alleging serious misconduct relating to the intellectual property theft of highly confidential documents.