Maurice Blackburn files shareholder action against Slater & Gordon... Paris bombing suspect’s lawyers quit...
A report by global law firm Baker & McKenzie reveals that the volume of cross-border M&A deals in the third quarter of 2016 was down 22 per cent compared to the same period of 2015.
Buyers announced 1,275 cross-border deals worth U$373 billion, 5 per cent lower in value than a year earlier. The third quarter did jump 64 per cent in volume terms compared to the previous quarter.
"The dip in deal volume this quarter was not a surprise for many as mid-market M&A volumes traditionally dip around US elections and we continue to experience political and macroeconomic uncertainty globally," said Michael DeFranco, Chair of Baker & McKenzie's Global M&A Practice. "On the flip side, while still down from a year ago, we are beginning to see a re-emergence of the megadeal."
Asia-Pacific was responsible for around a third of all cross-region transactions with 174 deals worth a record U$86 billion, up 30 per cent in value from a year earlier and 67 per cent compared to Q2 2016.
Maurice Blackburn files shareholder action against Slater & Gordon
Shareholders in Australian-listed law firm Slater & Gordon are suing the firm in what could become the largest ever shareholder class action damages claim.
Maurice Blackburn has filed the papers on behalf of around 3,000 individuals and institutions who are seeking damages following the sharp drop in Slaters’ share price.
“The sheer scale of the alleged wrongdoing, its impact on the share price and the number of shareholders affected mean that this case will be one of Australia’s largest shareholder actions,” said Maurice Blackburn’s national head of class actions Andrew Watson.
The total claimed losses could run to more than a quarter of a billion dollars due to the scale of the class action in terms of the number of claimants and losses.
“They didn’t just miss their earnings guidance predictions – they were miles off – and that suggests systemic issues across the company. The problems that are currently known, and there are many of them, might be just the tip of the iceberg,” Watson said.
One of the shareholders is Matt Hall, who will lead the class action on behalf of the thousands of aggrieved shareholders nationwide.
Paris bombing suspect’s lawyers quit
Lawyers who have been representing Paris bombing suspect Salah Abdeslam say they will no longer do so, claiming he has been psychologically damaged from strict solitary confinement.
French criminal lawyer Frank Berton and Belgian lawyer Sven Mary say they are unable to represent him as he will not defend himself and have criticized the authorities for the strict detention as it is preventing the truth about the bombings being uncovered.