What a year for Crown Resorts. Two shareholder class actions, a commission of inquiry from the NSW gaming regulator, an enforcement investigation by, a "show cause" disciplinary notice from the Victorian regulator and a padlocked Sydney casino.
It is a departure from the traditional approach taken by class action lawyers. Instead of the usual claim for damages, Maurice Blackburn is asking the court to consider ordering Crown to give shareholders a means to sell at a price that reflects the company's fair value.It would also raise the vexed question about who would determine fair value and how it would be measured.
In the meantime Maurice Blackburn has taken a double-headed approach and launched a second class action - both allege that Crown engaged in deceptive or misleading conduct and breaches disclosure obligations. It's easy to see why Maurice Blackburn has stepped up the fight against Crown - it must be able to smell the potential for damages.
For example, Maurice Blackburn points out that Crown had made unequivocal statements about two of its shelf companies, Riverbank and Southbank - that both were subject to the usual reporting obligations under anti-money laundering legislation. The law firm alleges these statements were not true.
Source: Law Daily Report (lawdailyreport.net)