LAWYERS behind a $150 million class action against Multiplex have obtained orders from the Federal Court to subpoena documents from the Australian Securities and Investments Commission.
ASIC had not oppose the release of the documents to the Maurice Blackburn Cashman, who are representing 45 shareholders who claim Multiplex withheld information on the losses associated with the Wembley Stadium debacle.
Multiplex was against the regulator handing over its investigation into the Wembley Stadium debacle and argued that Maurice Blackburn Cashman should not have access to the private and confidential documents because the funder could not guarantee costs beyond September and that the case maybe discontinued.
Meanwhile, Maurice Blackburn Cashman said the regulators’ documents would save enormous amount of time and costs.
Despite Multiplex’s opposition, Justice Peter Heerey ordered ASIC to hand over documents from its investigation into Multiplex’s Wembley Stadium debacle.
Justice Heerey said the documents will assist the plaintiffs in better understanding their position and the strength and weaknesses in their case against Multiplex.
In December last year, Multiplex agreed to a $32 million settlement with ASIC – for failing to inform investors over the costs blowout associated with the Wembley Stadium project.
Justice Heerey added that the documents could potential resolve any questions the plaintiffs might be seeking.
Multiplex is still seeking a $5 million security to cover court costs. That matter is before Justice Ray Finkelstein.
Australian Property Journal
