$450m class action launched against NAB
Business Law
A $450 million class action is being launched on behalf of National Australia Bank shareholders who lost money during the global financial crisis because of NAB's exposure to toxic debt.
Legal firm Maurice Blackburn will lodge the claim in a Victorian court tomorrow.
The firm says NAB had bought $1.2 billion in collateralised debt obligations (CDO) in 2006 which had a heavy exposure to the US sub-prime housing market.
It will allege that between early January and late July that year, NAB failed to properly disclose to shareholders all material information relating to its CDO exposure.
Related listings
-
Companies crank up deal machine, put cash to work
Business Law 11/16/2010From Caterpillar to Chevron to Google, some of the best-known names in corporate America are scooping up smaller companies, finally putting the piles of cash they've been sitting on to use and positioning themselves for a stronger economic recovery.T...
-
Madoff, Halliburton, Wells Fargo in Court News
Business Law 11/01/2010Irving Picard, the trustee overseeing the bankruptcy of Bernard Madoff’s investment firm, spent $26.9 million in the six months ended Sept. 30 while recovering $849,000 for victims of Madoff’s Ponzi scheme, according to a report filed in Manhattan fe...
-
Amazon Wins in Court Against NC for Now
Business Law 10/26/2010Amazon and the state of North Carolina have been fighting in court as NC tries to get residents that purchased on Amazon to pay sales tax the state feels it is owed. NC has demanded that Amazon reveal all sorts of buyer information like names, addres...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.