The Court has rejected an interlocutory application by the respondent in a shareholder class action for the appointment of “institutional” investors as sample group members on the basis that such a move was not necessary to “ensure justice is done” in the proceeding.
Written by Peter Heerey AM, QC, Tom Cordiner & Alan Nash. Where confidential information about a plan for corporate recapitalisation was disclosed and there was a subsequent development by the recipient and completion of the transaction without further recourse to discloser, the issue at trial was whether elements of confidentiality made out and whether equitable compensation is payable.
The Victorian Court of Appeal has refused an application for leave to appeal against a decision of a trial judge to allow a plaintiff to amend his statement of claim in a group proceeding. The amended pleading relates to the interpretation of section 729 of the Corporations Act 2001 (claim for loss and damage arising from misleading or deceptive statements in a disclosure document).
The Justice Legislation Amendment (Discovery, Disclosure and Other Matters) Act 2014 Vic (commenced 12 May 2014) aims to improve the efficiency of the discovery process.