The Federal Court of Australia in Kelly v Willmott Forests Ltd (in liquidation) (No 4) [2016] FCA 323 rejected an application for approval of settlement under s 33V of the Federal Court of Australia Act 1976 (Cth), confirming that the Court’s role is akin to a ‘guardian’ for the group members.
Background
Summary
The recent New South Wales Supreme Court decision in Re HIH Insurance Ltd (In Liquidation)1 has potentially significant implications for securities class actions where there are allegations that a listed company has failed to disclose material information to the market and/or engaged in misleading and deceptive conduct causing the company's shares to trade at an inflated price.
Summary
Summary
This article has been contributed to the blog by Edward Sellers and Joshua Hurwitz. Edward Sellers is a partner in the Insolvency & Restructuring group and Joshua Hurwitz is an associate in the Insolvency & Restructuring group at Osler, Hoskin & Harcourt.
On March 13, 2014 the Supreme Court of Canada dismissed applications for leave to appeal by a group of alleged former institutional shareholders of Sino-Forest Corporation. These institutions unsuccessfully sought leave to appeal from orders approving Sino-Forest’s Companies’ Creditors Arrangement Act (CCAA) plan and approving a settlement reached between Ernst & Young and the plaintiff group that was awarded carriage of Sino-Forest class actions in Ontario.
The test for granting leave to appeal in Companies Creditors’ Arrangement Act proceedings is well-settled:
In Re Sino-Forest Corporation1, the Ontario Court of Appeal upheld the interpretation of “equity claims” employed by Justice Morawetz of the Ontario Superior Court of Justice (Commercial List).
Swiss Civil Procedure Law in a Nutshell (Volume 9 of 12)
This blog series provides litigators and corporate counsel from other jurisdictions with a practical understanding of the mechanics, advantages, and limits of litigation before State Courts in Switzerland.
No Class Actions
Recently, in Anderson v.