Murray Darling Basin Class Action
Banton Group acts on behalf of Doyle’s Farm Produce Pty Ltd and the other lead Plaintiffs (together, Plaintiffs) in New South Wales Supreme Court Proceedings No. 2019/00150651 (Proceedings) in representative proceedings (i.e., a class action) against the Murray Darling Basin Authority (MDBA) and the Commonwealth of Australia (together, Defendants).
The Plaintiffs bring the MDBA Class Action on behalf of:
(a) NSW Murray Regulated River general security water entitlement holders who were allocated low water allocations in the water year 2017/2018 and no water allocation or low water allocations in 2018/2019, and Victorian Murray high-reliability water share holders within the Murray declared water system who were allocated low water allocations in the 2019/20 water year;
(b) water supply entitlements holders under contractual arrangement with the holder of a NSW Murray Regulated River general security bulk water access licence under the Water Management Act 2000 (NSW) or water supply entitlements holders under contractual arrangement with Goulburn-Murray Water as the bulk entitlement holder of WSE000139 (for the time periods outlined in (a) above); and
(c) persons who conducted irrigated agriculture operations in the NSW Central Murray or the Goulburn-Murray irrigation region using water entitlements owned by the persons set out at (a) and (b) above (for the time periods outlined in (a) above), (together, Group Members).
If you fall within the above description, you may be entitled to claim in the class action.
Opt Out Notice
Group Members have until 4:00pm (AEST) on 31 May 2024 to opt out of the class action. Group Members who opt out will not be bound by the outcome of the MDBA Class Action and will not receive any money from the MDBA Class Action if it wins or settles. To opt out of this class action, you will need to complete the Opt Out Notice (link below) and then return it to the Registrar of the Supreme Court of New South Wales at the address on the form. The completed Opt Out Notice must reach the Registrar by no later than 4.00pm (AEST) on 31 May 2024, otherwise it will not be effective. Group Members should seek legal advice before opting out.
The Opt Out Notice may be accessed here.
Registering as a Group Member
If you are interested in registering to be a Group Member, click here.
While registering is not required to be a Group Member, by registering, you may help the Plaintiffs negotiate a better settlement for Group Members because the more information they have about Group Members’ claims the better a position they will be at the mediation of the MDBA Class Action, which is currently scheduled on 19 July 2024.
If you have a query, click here or contact Banton Group by emailing mdbaclassaction@bantongroup.com. If you would like further information, click here.
Blue Sky Class Action
Banton Group acts together with Shine Lawyers for the Lead Applicants in a consolidated class action brought on behalf of shareholders of Blue Sky against Blue Sky, its former directors and auditor, Ernst & Young.
The shareholder class action alleges that Blue Sky lodged with the ASX and published in FY2016, FY2017 and FY2018 audited financial reports (and interim reports) which were not compliant with the Australian Accounting Standards and misrepresented, among other matters, Blue Sky’s financial performance and position.
The claim arises from representations made in the financial reports, which the applicants allege materially overstated Blue Sky’s financial performance and overstated Blue Sky’s assets. It is alleged the overstatement of Blue Sky’s performance resulted in the market being misinformed and Blue Sky’s share price being inflated. Had the financial reports been prepared in accordance with the Australian Accounting Standards and the Corporations Act 2001 (Cth) (Corporations Act), Blue Sky’s financial position would have been materially worse.
The case is premised that it is the failure to report accurately, and the failure by Blue Sky’s auditors to detect the misstatements, that caused investors to suffer loss and damage. The contraventions alleged include contraventions by Blue Sky and the director respondents of ss 674, 1041H and 1041E of the Corporations Act , alternatively 12DA(1) of the Australian Securities and Investments Commissions Act 2001 (Cth) (ASIC Act), alternatively s 18 of the Australian Consumer Law set out in Schedule 2 of the Competition and Consumer Act 2010 (Cth) (ACL) and contraventions by Ernst & Young of ss 1041H and/or 1041E of the Corporations Act and/or s 12DA(1) of the ASIC Act and/or s 18 of the ACL.
CuDeco Class Action
Claim Summary
Banton Group acts on behalf of shareholders in a class action against the former directors, officers and auditor (KPMG) of a previously ASX listed company CuDeco Limited (In Liquidation) (ASX:CDU), alleging the contravention of various provisions of the Corporations Act 2001 including, inter alia, their continuous disclosure obligations.
The amended statement of claim dated 12 January 2024 may be accessed here.
The defence of the Second Respondent may be accessed here.
The defence of the Third Respondent may be accessed here.
The defence of the Fourth Respondent may be accessed here.
Group Member Definition
You are a class member if you acquired an interest in fully paid ordinary shares in CuDeco Limited during the period between 11 April 2016 and 13 March 2018.
You will only be excluded from being a group member if you are:
- a related party of CuDeco (i.e. Directors, relatives, controlling entities);
- a related body corporate of CuDeco (i.e. holding company, subsidiary company, subsidiary of holding company);
- an associated entity of CuDeco (i.e. An entity is associated with another entity if they are members of the same corporate group, or if one entity has a certain degree of control over the other);
- an officer or a close associate of CuDeco (e.g. director, secretary, receiver, administrator, liquidator, trustee)
- a Justice, Registrar, District Registrar or Deputy District Registrar of the Federal Court of Australia or the High Court of Australia;
- Sinosteel Equipment & Engineering Ltd (Sinosteel);
- China Oceanwide International Investment Co. Limited, Oceanwide International Resources Investment Co., Limited, China Oceanwide Holdings Group Co., Ltd, Oceanwide Group Co., Ltd, Oceanwide Holdings Co., Ltd, or Zhiqlang Lu;
- Rich Lead Investments Pte Ltd.; or
- New Apex Asia Investment Limited
Court Orders
All Orders made in these proceedings may be accessed here.
Next Steps
If you would like to register as a group member in the class action, please provide your details by clicking here. If you have already registered as a group member or would like additional information, please email us at cudeco@bantongroup.com.
Qoin Class Action
Claim Summary
The Qoin Class Action seeks compensation (that is, money) for persons (the Group Members) who:
A. Since 1 October 2019:
i. bought one or more Qoin; and/or
ii. accepted Qoin in exchange for the provision of goods or services; and
B. suffered loss or damage by reason of the conduct alleged against the Respondents.
The Respondents to the class action are:
1. BPS Financial Pty Limited ACN 604 899 381;
2. Billzy Pty Ltd ACN 602 796 298;
3. PNI Financial Services Pty Ltd ACN 151 551 076;
4. Block Trade Exchange Pty Ltd ACN 604 087 407;
5. Qoin Association Ltd ACN 605 853 441;
6. Rajesh Kumar Pathak and
7. Antonie Hendrik Jakobus Wiese (Respondents).
Pleadings
The Further Amended Originating Application may be accessed here.
The Further Amended Statement of Claim may be accessed here.
The Defence of the First, Second, Fourth and Fifth Respondents may be accessed here.
The Defence of the Third Respondent may be accessed here.
The Defence of the Sixth and Seventh Respondents may be accessed here.
The Reply to the Defence of the First, Second, Fourth and Fifth Respondents may be accessed here.
The Reply to the Defence of the Third Respondent may be accessed here.
The Reply to the Defence of the Sixth and Seventh Respondents may be accessed here.
Opt Out Notice
The Opt Out Notice may be accessed here. The Opt Out Notice Form may be accessed here.
Court Orders
The Orders dated 29 November 2023 may be accessed here.
The Orders dated 24 May 2024 may be accessed here.
The Orders dated 01 October 2024 may be accessed here.
The Orders dated 23 October 2024 may be accessed here.
Registration
If you would like further information, please email us at qoinclassaction@bantongroup.com
Salt Lake Class Action
Banton Group is well advanced in its investigation of class action proceedings against Salt Lake Potash Limited (in admin) (receivers and managers appt) (SO4), its former directors and officers, and its auditors (Ernst & Young) (EY) (the Proceeding).
SO4 is a formerly dual listed ASX and AIM mining and exploration company (ASX:SO4; AIM:SO4) that was developing salt lakes in Western Australia to produce sulphate of potash or potassium sulphate.
The Proceeding
The Proceeding will allege that SO4 and its former directors and officers contravened various provisions of the ASX Listing Rules, the Corporations Act 2001 (Cth) (Corporations Act), the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) and the Australian Consumer Law.
In addition, the Proceeding will allege that EY contravened various provisions of the Corporations Act, the ASIC Act and the Australian Consumer Law to the extent that they contributed to or caused any damages by their representations in SO4’s audited annual and half-year financial reports.
Funding
The Proceeding will either be funded subject to a Group Costs Order or other appropriate contingency fee order sought. In either scenario, group members who join the class action will have no financial obligations or financial risk in connection with the Proceeding.
Next Steps
If you have any questions or would like any additional information or if you would like to register as a group member in the class action, click here.
Zip Co Class Action
Background
Banton Group is well advanced in its investigation of potential claims against Zip Co; its directors and officers; and Deloitte Touche Tohmatsu (Deloitte), Zip Co’s auditor.
Zip Co is a large global financial technology company specializing in Buy Now Pay Later credit and payment services (BNPL).
The Proceeding
The anticipated class action will allege that Zip Co and its former directors and officers contravened various provisions of ASX Listing Rules, the Corporations Act 2001 (Cth) (Corporations Act), the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) and the Australian Consumer Law.
In addition, we are considering potential claims against Zip Co’s auditors, Deloitte, to the extent that they caused or contributed to any damage, by their deficient auditing of Zip Co’s annual and half-yearly financial reports.
Funding
The proposed proceeding will either be funded or a Group Costs Order or appropriate contingency fee order will be sought. In either anticipated scenario, group members who join the class action will have no financial obligations or financial risk in connection with the proceeding.
Next Steps
If you have any questions or would like any additional information or if you would like to register as a group member in the class action, click here.
Arrium Class Action
Banton Group acts on behalf of shareholders in a class action against the directors and auditors of a previously ASX listed company, Arrium Ltd (in Liquidation) for amongst other things, misleading and deceptive conduct on behalf of shareholders.
If you are interested in registering to be a class member or would like further information click here.
Light Rail Class Action
Banton Group acts on behalf of businesses, landlords and residents in class proceedings against Transport for New South Wales (TfNSW) in relation to its conduct in planning and procuring the CBD & South-East Light Rail project (Project).
On 19 July 2023, following a six-week trial, Justice Cavanagh handed down his judgment in relation to these proceedings, which found in favour of the corporate lead plaintiffs, Hunt Leather Pty Ltd and Ancio Investments Pty Ltd. A copy of that judgment is here.
Since July 2023, the following further judgments have been handed down in the proceedings:
- A judgment in relation to the plaintiffs’ claim that the commission payable to the funder in the proceedings should be recoverable against TfNSW as a head of damage (Commission Judgment)
- A judgment in relation to the liability of TfNSW for the plaintiffs’ costs (Costs Judgment).
Appeal
TfNSW have appealed various findings in the July 2023 Judgment. That appeal was heard on 1-3 July 2024 together with the plaintiffs’ appeal of the Commission Judgment, Costs Judgment and the finding in the July 2023 Judgment that the nuisance period (and damages suffered) should be limited to the Project’s construction overstay period, rather than the entire construction period.
The Court of Appeal has reserved judgment on the appeal.
Group Member Definition
You are a group member if you:
(a) hold, or have held, an interest in land in the vicinity of the Project and have suffered loss or damage by reason of the Defendant’s alleged interference with your enjoyment of your interest in land; or
(b) have suffered loss or damage by reason of the Defendant’s alleged interference with public land through the carrying out of the Project (other than merely loss or damage in your capacity as a member of the general public).
In simple terms, you are likely to be a group member if you own land in the vicinity of the Project, own or operate a business in the vicinity of the Project, or live in the vicinity of the Project, and you have been adversely affected by the consequences of the construction of the Project.
You are excluded from being a group member if you are an officer or employee of the Defendant, a judge or registrar of the Supreme Court of NSW or the High Court of Australia, or an officer or employee of, or other legal practitioner engaged in connection with these proceedings by Mitry Lawyers or Banton Group.
Registration
If you would like further information or would like to express your interest in participating as a group member in the proceeding, please email us at: lightrailclassaction@bantongroup.com
Phoslock Class Action
Banton Group acts on behalf of shareholders in class action proceedings against Phoslock Environmental Technologies Ltd (ASX:PET), former Chairman Mr Laurence Freedman, former Managing Director Mr Robert Schuitema and Phoslock’s former auditor, KPMG.
At one point, Phoslock had a market capitalisation in excess of $1 billion. It now sits at just over $15m.
The claims arise out of allegations concerning Phoslock’s China operations, which were first disclosed to the market in late 2021. Phoslock informed the market that it had identified fraudulent activity relating to areas including false accounting and falsification of invoices and services contracts, improper tax report, potential misappropriation of funds, and undisclosed related party transactions.
If you purchased or held shares in Phoslock between to 18 October 2018 and 17 September 2020, you may be a group member in the class action. If you have any questions or would like any additional information, please email us at: phoslockclassaction@bantongroup.com
If you would like to register as a group member in the class action, click here.
Group members who register for the class action will have no financial obligations or financial risk in connection with the proceeding.
Paladin Energy Limited
Banton Group is currently investigating a potential class action on behalf of shareholders of Paladin Energy Ltd (Paladin) (ASX:PDN).
Background
Paladin engages in the development, exploration, evaluation, and operation of uranium mines in Australia, Canada, and Namibia. The company’s principal project is the Langer Heinrich mine located in the Namib Desert in Namibia.
On 27 June 2024, Paladin issued FY2025 guidance for its Langer Heinrich mine. Paladin forecast, amongst other things, 4.0 – 4.5 Mlb of triuranium octoxide would be produced and 3.8 – 4.1 Mlb of triuranium octoxide would be sold from the mine. That guidance was repeated on several occasions.
On 12 November 2024, Paladin revised its production guidance to 3.0 – 3.6 Mlb and withdrew all other guidance. At the close of market on 12 November 2024, Paladin shares had fallen 29 per cent, wiping out over $700 million in market capitalisation.
The anticipated claims will likely include allegations that Paladin failed to comply with the reporting standards required by the ASX Listing Rules, in contravention of inter alia sections 674 and 1041H of the Corporations Act.
Registration
If you purchased shares in Paladin in the period from 27 June 2024 to 11 November 2024, or if you purchased shares in Paladin before 27 June 2024 and still held them on 12 November 2024, and are interested in participating in the prospective class action, please register your interest in the class action by completing the following form https://bantongroup.formstack.com/forms/paladin.
We would also be grateful if you could provide us with any supporting documents containing details of your purchase and/or sale, such as BUY or SELL contract notes, holding statements or transaction history statements from your broker or bank provided they indicate the date of the trade and indicate either:
- the quantity of shares traded and/or
- the amount paid or received in exchange for the shares.
We note that, at this stage, Banton Group is still investigating the claim and, as such, shareholders will not be obliged to participate in any eventual action.
Funding
The proposed proceeding will be funded by a Group Costs Order or other appropriate contingency fee order. You will not be obliged to pay any of the upfront legal costs incurred in the proceeding. However, you may be required to contribute towards the legal costs (and the litigation funder’s commission if applicable) from your share of any net proceeds you receive.
Next Steps
If you have any questions about the prospective class action, please contact Banton Group at paladin@bantongroup.com for further information.
Financial Products Class Actions
Banton Group is investigating claims and acting for investors in claims relating to financial products including the following, among others:
- Aramis – CLEAR Series 34
- ARLO Limited Series 2006 OCL-1
- ARLO Limited Series 2006 (Spinnaker III Asia – Class A)
- Borealis No 1 CDO Limited Class B
- Class V Funding III
- Constellation 2007-1 Series Note
- Corsair (Jersey) No.2 Limited Series 2006-72 – Newport
- Echo Funding Pty Ltd Series 20
- Far East Funding I SPC Limited Series 2007-18 Class B2
- Fort Denison Funding
- Helium Capital Limited Series 69
- Helium Capital Limited Series 60 – Esperance
- HSPI Diversified CDO Fund II
- Khamsin Credit Products II B.V 13 2006-12 Class B
- Momentum – Series 2007-12
- Momentum – Series 5 2007-2
- Obelisk Trust Series 2007-1 Class A
- Obelisk Trust Series 2007-1 Class B
- Obelisk Trust Series 2007-3 – Covent Garden
- Omega Capital Investments II Plc Series 31 Class B-1A
- Omega Capital Investments PLC Series 40 Class B – Henley
- Port Jackson CDO 2007-1
- Point Pleasant 2007-1
- STACK 2006-2
- STARTS (Cayman) Plc Class B1 – A1
- Timberwolf I
- Titian CDO PLC Series F
- Zircon Finance Limited 2007-2 – Coolangatta
- Zircon Finance Limited 2007-4 – Merimbula
If you invested in any of these financial products or others or would like further information click here.
HighLow Markets Pty Ltd Investigation
Banton Group is investigating a potential class action on behalf of people who have purchased binary options from HighLow Markets Pty Ltd.
HighLow is a company registered in Australia whose primary line of business is the issuing and trading of binary options to retail investors.
If you purchased HighLow options since 1 February 2015 and would like to register your interest in participating in any prospective class action or would like further information click here.
Tyro Payments Ltd Investigation
Banton Group is investigating a possible class action on behalf of customers of Tyro Payments Ltd (ASX:TYR) who were affected by the widely publicised January 2021 terminal outage. Tyro says the outage was caused by a connectivity issue, and affected many of Tyro’s electronic payment terminals used in businesses across Australia over a 19 day period.
If you are a Tyro customer, your business was affected by the Tyro terminal outage and you wish to express your interest in participating in any prospective class action, click here to provide details of your experience.
Past Class Actions and Schemes
Our team has acted for class members in the following matters, among others:
- Arasor Class Action
- Octaviar Notes Class Action
- Financial Products Class Actions against:
- Standard & Poor’s
- Fitch Ratings
- Banks including Commonwealth Bank, ANZ and ABN Amro
- Lehman Brothers
For further information or to contact us click here.
