Securities litigation observers know that class action securities lawsuit in the U.S. rarely go to trial. The same is true in Australia as well. However, in a recent ruling in only the second-ever securities lawsuit to go to trial in Australia, a Federal Court Justice has ruled in favor of the defendant company, the first ever trial verdict won by a defendant in Australia. The recent ruling has a number of interesting and important implications, as discussed below.
Continue Reading Rare Australia Securities Class Action Trial Results in First-Ever Defense Verdict

In an interesting development that could prefigure further climate change-related disclosure litigation, an Australian investor has filed a lawsuit against the Australian Federal Government and two government officials, on her own behalf and on behalf of over investors in Australian Government Bonds, for allegedly failing to disclose to investors the climate change risks attached to the sovereign bonds.  According to an August 12, 2020 memo from the Allens law firm (here), the suit is “a first-of-its-kind action worldwide,” one that could serve as a “stepping stone” toward both more activist litigation and more commercially focused climate change disclosure litigation.
Continue Reading Australian Government Sued Over Sovereign Bond Climate Change-Related Disclosures

As regular readers know, over the last few months, I have been closely following the rise of coronavirus outbreak-related securities class action lawsuits. To date, though the pandemic is a global health and economic phenomenon, the pandemic-related securities litigation activity has been limited to the United States. In the following guest post, Jason Symons, Persia Navidi, Claudia George, and Luke Roper of the HWL Ebsworth Lawyers take a look at the possibilities for COVID-19-related securities class action lawsuits in Australia. I would like to thank the authors for allowing me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Please contact me directly if you would like to submit a guest post. Here is the authors’ article.
Continue Reading Guest Post: The Potential for COVID-19-Related Securities Class Actions in Australia

Securities class action lawsuits have been an important part of the litigation scene in Australia for many years. But even though the current class action procedural regime has been in place since 1992, no Australian securities class action lawsuit ever went all the way to judgment – that is, no case ever went to judgment until last week. On October 24, 2019, the Federal Court of Australia issued a post-trial Order in the TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited. The court’s ruling, a copy of which can be found here, contains a number of interesting points and could have important implications. A detailed October 25, 2019 memo from the Clyde & Co law firm about the judgment can be found here.  
Continue Reading Australian Securities Class Action Suit Reaches Judgment for the First Time

As I have detailed in prior posts on this blog, securities class action litigation is well-established in Australia. According to a recent report from ISS Securities Class Action Services, securities class action litigation has grown “markedly” in the last ten years, to the point that outside North America, Australia “is the jurisdiction in which a corporation is most likely to find itself defending against a class action,” and indeed other than the U.S., Australia “is pulling ahead of almost all other countries in terms of active securities class action cases before the courts.” There are however important differences between the Australian and U.S. class action systems, and some of these difference post important challenges for both the courts and for litigants – and indeed have led to calls for reform. The October 23, 2018 report, entitled “Navigating the Australian Securities Class Action Landscape,” can be found here.
Continue Reading The Challenging Securities Litigation Landscape in Australia

The D&O Diary is on assignment in the Asia Pacific region this week, with a first stop on the itinerary in Sydney, Australia. The primary purpose of my visit was to attend the annual conference of the Australia Professional Indemnity Group (APIG), but I did have a little time before and after the conference to roam around Sydney a bit. Though my visit coincided with the last days of the Southern hemisphere winter, the weather was cooperative enough to allow for some very enjoyable sightseeing and hiking.
Continue Reading Sydney in September   

As readers of this blog know, data breach, cyber, and privacy-related issues have become a new important area of securities class action litigation in the U.S. In the following guest post, Andrew Miers, Jason Symons, and Shonagh Rasmussen of the HWL Ebsworth law firm review the possibilities or this type of securities lawsuit in Australia. I would like to thank the authors for allowing me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is the authors’ guest post.
Continue Reading Guest Post: Cyber and Privacy Risks: The Next Australian Securities Litigation Frontier?

In the third-largest securities class action settlement ever in Australia, QBE Insurance has agreed to settle the securities suit pending in the Federal Court of Australia and filed against the company on behalf of QBE investors related to the sharp share price decline the company experienced in December 2013. The amount of the settlement is A$ 132.5 million (US$ 103.5).The company admitted no liability in connection with the settlement. The settlement is subject to Court approval. A copy of QBE’s December 28, 2017 market statement regarding the settlement can be found here.
Continue Reading QBE Insurance Settles Australian Securities Class Action Lawsuit      

072aThe D&O Diary’s Asia Pacific mission continued at the end of last week with a stop in Sydney, for the meetings that were the primary reason for my Asia Pacific trip.  I have been to Sydney several times now, but the city has lost none of its charm for me. If anything, I think I appreciate Australia’s largest city more each time I visit.
Continue Reading A Summer Visit to Sydney

094aTasmania. Ten thousand miles away and about as far away from home as you can get. Tasmania — an island state off the southeastern coast of Australia and about an hour’s plane flight from Melbourne. Its capital city, Hobart, is located on the River Derwent and nestled below the rugged peak of Mt. Wellington. I was there for a brief two day visit this week. My visit to the city was short, but long enough to confirm that Tasmania is not just far away but beautiful as well.
Continue Reading Tasmania, Baby. (Seriously. Tasmania.)