Frydenberg’s changes to shareholder class actions smack of ‘cronyism’, lawyers say

Posted by on May 25, 2020 6:42 am
Categories: Global Stories

The move has been made using emergency Covid-19 powers and favours company directors, they say

A surprise move by treasurer Josh Frydenberg to make shareholder class actions harder has been slammed by lawyers as cronyism that gives company directors the green light to hide bad information from investors.

“If bad directors take advantage of this change to lie to shareholders and people whose savings are in superannuation, the treasurer will share responsibility,” Jacob Varghese, the chief executive of law firm Maurice Blackburn, told Guardian Australia.

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