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Feb 16, 2022 · Feb 16, 2022 – 5.51pm. Shareholders in collapsed steel maker Arrium will be able to quiz a former director in a public examination after a High Court decision that lawyers say is a significant ...
Group proceeding (class action) brought on behalf of persons who acquired shares in Arrium Corporation Limited ( Arrium) during the period between 19 August 2014 and 4 April 2016. The claim alleges that the defendants (being four former directors of Arrium and its auditor, KPMG) made misleading or deceptive statements in Arrium’s published ...
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Feb 12, 2021 · Mar 1, 2021 – 12.00am. Five years after steel-maker Arrium spectacularly collapsed owing more than $2.8 billion to creditors, the downfall of the former BHP Billiton division, spun off as ...
- Plaintiffs’ Position
- Determination
- Investment Principles
- Costs Sharing
- Conclusion
The Arrium class action has been brought on behalf of certain investors in Arrium Limited (Arrium) against four former directors of Arrium and Arrium’s former auditor. The plaintiffs sought a rate of 40% (including GST). Prior to the plaintiffs’ GCO application, the proceeding was funded by third party litigation funding. The plaintiffs submitted t...
Justice Dixon determined that a GCO at 40% was appropriate to do justice in the proceeding. This determination turned on the circumstances of the case, including that: 1. if a GCO was not ordered, there was a considerable risk that the funder would conclude the funding agreement was not financially viable for it and would terminate pursuant to its ...
Justice Dixon provided further guidance for prospective applicants by considering investment evaluation principles “in the expectation that in future cases such an analysis will be presented to the Court …or its absence explained.” This included discussion of the core risks that law practices face in prosecuting proceedings pursuant to a GCOand an ...
His Honour rejected any suggestion that the contemplated arrangement was one where the law practice was acting as a ‘mere front’ for a third party funder, and held: The statutory language does not invoke any inquiry into the means by which the law practice chooses to fund its obligations. A group costs order would result in the Funder having no dir...
The Arriumjudgment provides law practices contemplating prosecuting proceedings on the basis of a GCO and litigation funders considering co-funding a law practice’s GCO obligations, an assurance that the Court is prepared to recognise that a commitment to a GCO is an investment and that the returns need to be commensurate with other investment oppo...
Sparks have flown at the Supreme Court of NSW as liquidators to Arrium joust with class action lawyers. Credit: Robert Woodland In November Supreme Court of New South Wales judge Ashley Black ...
The claim relates to shareholders who bought Arrium stock from August 19, 2014 to April 4, 2016 – just before the company collapsed. The claim documents the share purchases of the lead defendant ...
May 5, 2021 · May 5, 2021 – 10.46am. The insolvent trading action brought against Arrium Group’s board of directors and members of management has reached a settlement. The action was brought by Arrium’s ...
