STOCKHOLDERS – LEGAL STATUS

Fourth bid for AMP class action

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Original article by Ben Butler
The Australian – Page: 19 : 15-May-18

Maurice Blackburn is the latest law firm to propose launching a class action against wealth manager AMP in response to the scandals exposed by the banking royal commission. Phi Finney McDonald and Quinn Emanuel Urquhart & Sullivan have filed class action lawsuits to date, while Slater & Gordon has also flagged possible legal action on behalf of AMP shareholders. Andrew Watson of Maurice Blackburn stresses factors other than the lowest commission rate will determine which class action is allowed to proceed.

CORPORATES
AMP LIMITED – ASX AMP, MAURICE BLACKBURN PTY LTD, PHI FINNEY MCDONALD PTY LTD, QUINN EMANUEL URQUHART AND SULLIVAN LP, SLATER AND GORDON LIMITED – ASX SGH, INTERNATIONAL LITIGATION FUNDING PARTNERS INCORPORATED, FEDERAL COURT OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE GROUP LIMITED – ASX MQG, IMF BENTHAM LIMITED – ASX IMF

CBA faces investor class action

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Original article by James Frost
The Australian Financial Review – Page: 4 : 10-Oct-17

Andrew Watson of law firm Maurice Blackburn says its class action against the Commonwealth Bank could be the largest ever in Australia. The firm will seek compensation for retail and institutional investors who bought the bank’s shares between 1 July 2015 and 3 August 2017. The class action centres on the bank’s failure to make adequate disclosures regarding the money-laundering scandal. Austrac’s revelation that it was investigating the bank prompted a sharp fall in its share price.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MAURICE BLACKBURN PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, IMF BENTHAM LIMITED – ASX IMF

Funder backs CBA class action

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Original article by Michael Roddan
The Australian – Page: 23 : 6-Sep-17

Listed litigation fund IMF Bentham has agreed to provide financial backing for a proposed shareholder class action against the Commonwealth Bank of Australia. The major bank’s shares have shed more than 10 per cent since early August, when Austrac initiated legal action over the CBA’s failure to comply with money-laundering laws. The class action is being undertaken by law firm Maurice Blackburn, which estimates that CBA could face a potential payout of at least $A200m. CBA could also incur sanctions in other countries where it has a presence.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, IMF BENTHAM LIMITED – ASX IMF, MAURICE BLACKBURN PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA, CLSA AUSTRALIA PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

Administrators delay Ten report

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Original article by Darren Davidson
The Australian – Page: 22 : 1-Sep-17

Ten Network administrator KordaMentha has postponed the release of a report on the failed TV broadcaster until 4 September. The report was initially slated to be released on 31 August, and the delay will affect the timing of a creditors’ meeting. Ten’s shareholders will not recoup any of their investment if CBS Corporation buys Ten, which has prompted the Australian Shareholders’ Association to consider a class action on behalf of investors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Ten investors weigh class action

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Original article by Darren Davidson
The Australian – Page: 17 & 28 : 31-Aug-17

Australian Shareholders’ Association director Allan Goldin says it is too soon to know whether Ten Network investors will pursue a class action against the failed network. The ASA has held preliminary talks with law firms after it was revealed that Ten’s shareholders will receive no payout if CBS acquires the network. Meanwhile, Foxtel CEO Peter Tonagh says CBS has indicated that it intends to be a long-term owner of Ten. He also says Foxtel achieved its best monthly sales on record in July, with growth driven by the new Foxtel Now streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, FOXTEL MANAGEMENT PTY LTD, FOXTEL NOW, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FACEBOOK INCORPORATED, TWITTER INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, FOX SPORTS AUSTRALIA PTY LTD

CBA faces $200m-plus class action

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Original article by Ben Butler, Michael Roddan
The Australian – Page: 17 & 21 : 24-Aug-17

Investors who bought shares in the Commonwealth Bank of Australia between 17 August 2015 and 3 August 2017 will be eligible to participate in a proposed class action over the bank’s money-laundering scandal. CBA’s share price has fallen by six per cent since Austrac filed legal action on 3 August, slashing the bank’s market capitalisation by around $A8bn. Maurice Blackburn’s class action is expected to focus on CBA’s disclosures regarding Austrac’s investigation into the money-laundering allegations.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, MAURICE BLACKBURN PTY LTD, IMF BENTHAM LIMITED – ASX IMF, FEDERAL COURT OF AUSTRALIA, COMMINSURE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, VELOCITY TRADE LIMITED, FITCH RATINGS LIMITED

SurfStitch class action looms over briefings

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Original article by Sue Mitchell
The Australian Financial Review – Page: 28 : 14-Jun-16

The disclosure practices of online retailer SurfStitch are under scrutiny in the wake of a large share price fall that reduced its market capitalisation by $A500m. The stock fell by 53 per cent to $A0.48 in early May 2016, in response to a profit downgrade. There had also been heavy selling in the previous week, after the group held private briefings for some shareholders. Glenn McGowan, a partner at law firm Gadens, may launch a class-action on behalf of SurfStitch shareholders.

CORPORATES
SURFSTITCH GROUP LIMITED – ASX SRF, GADENS LAWYERS, MORGAN STANLEY AUSTRALIA LIMITED, STAB, MAGICSEAWEED, GARAGE ENTERTAINMENT, SURF HARDWARE INTERNATIONAL PTY LTD

IOOF slapped with class action

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Original article by Adele Ferguson, Sarah Danckert
The Australian Financial Review – Page: 29 : 8-Oct-15

Australian-listed financial services group IOOF Holdings faces a shareholder class action over claims that staff in its research department failed to comply with disclosure requirements. The legal action has been launched by law firm Maurice Blackburn with financial backing from UK-based Harbour Litigation Funding. The class action will be open to investors who bought IOOF shares between December 2013 and June 2015.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, MAURICE BLACKBURN PTY LTD, HARBOUR LITIGATION FUNDING LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FAIRFAX MEDIA LIMITED – ASX FXJ, LONSEC LIMITED, MORNINGSTAR PTY LTD

Lower test will add fuel to the fire for shareholder class actions

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Original article by John Emmering, Michael Legg
The Australian Financial Review – Page: 32 : 13-Mar-15

In most cases, shareholder class actions in Australia are based on alleging causation between losses incurred by shareholders and directors’ behaviour. Until now, Australian courts have required proof of individualised reliance. The Federal Court’s observations in the case against Babcock & Brown directors are likely to stimulate discussion of causality in class actions

CORPORATES
BABCOCK AND BROWN LIMITED, FEDERAL COURT OF AUSTRALIA, DOWNER EDI LIMITED – ASX DOW, ARASOR CORPORATION, UNIVERSITY OF NEW SOUTH WALES, JONES DAY

Chairman Dawkins vacates Vocation

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Original article by Kylar Loussikian
The Australian – Page: 21 : 28-Nov-14

Ex-Minter Ellison partner Mark Elliott, notorious for launching class action law suits against companies in which he has marginal shareholdings, has joined law firms Maurice Blackburn and Slater & Gordon in bringing such a case against Vocation. The Supreme Court of Victoria will hear allegations of misleading or deceptive conduct, after the Victorian Department of Education & Early Childhood Development cancelled funding worth $A20m for Vocation off-shoots BAWM and Aspin. Meanwhile John Dawkins has stepped down as chair of the private education services provider

CORPORATES
VOCATION LIMITED – ASX VET, SLATER AND GORDON LIMITED – ASX SGH, MAURICE BLACKBURN PTY LTD, SUPREME COURT OF VICTORIA, VICTORIA. DEPT OF EDUCATION AND EARLY CHILDHOOD DEVELOPMENT, BAWM GROUP PTY LTD, ASPIN PTY LTD, DUET GROUP – ASX DUE, AUSTRALIAN LABOR PARTY, ASX LIMITED – ASX ASX, BSL LITIGATION PARTNERS LIMITED, AUSTRALIAN SKILLS QUALITY AUTHORITY, BANKSIA SECURITIES LIMITED, LEIGHTON HOLDINGS LIMITED – ASX LEI, TREASURY WINE ESTATES LIMITED – ASX TWE, WORLEYPARSONS LIMITED – ASX WOR, DOWNER EDI LIMITED – ASX DOW