On Jun. 24, 2025, AST Court delivered a judgment, which is titled ACN 117 641 004 Pty Ltd (in liq) v S&P Global, Inc (no 5), allowing witness testimony through audio-visual link in the S&P ratings agency class actions described in the instances above.
AST Court applied legal regs which allow testimony by video link, audio link or other appropriate means subject to judicial discretion; it accepted the witness's concerns about employment security as genuine, noting she is required to work in-person.
Document dated Jun. 24, 2025, received from AST Court Jun. 25, summarized Jun. 30.
On Oct. 25, AST Court issued judgment re credit rating firms, costs.
AST Court issued judgment ACN 117 641 004 Pty Ltd (in liq) v S&P Global, Inc (no 3), regarding an application for further security for costs; further security was ordered.
This judgment is re proceedings from 2020 and 2021 respectively, re credit ratings class action; involves numerous parties i.e. a trustee (in liq) of cash management fund, City of Cockburn (Australia), a Cayman-incorporated firm, several US S&P firms.
Judge said it is common ground between the parties that the applicants’ claims (if successful) potentially run into the hundreds of millions, if not billions, of AUD.
Judge's Orders on Further Security
Security of AUD 987k ordered against gainst First Vale Applicant in Vale Proceeding.
In addition, AUD 1.34mn ordered against the Basis Applicants in Basis Proceeding.
Judge's Comments on Both Proceedings
Judge explained that both proceedings are complex; they are presently listed for final hearing before him for a period of eight weeks commencing on Jun. 30, 2025.
Although differences between the proceedings, there are also commonalities.
Judge explained that it is common to both proceedings that the applicants make allegations of fraud as against S&P in relation to the development of multiple versions of credit default models in order to assist in rating complicated financial products.
It is also common ground that the events the subject of both proceedings occurred over a number of years approximately twenty years ago, and the persons involved in the development of the models in question are principally located overseas.
Judge said it is plain that nature and subject matter of the proceedings are such that substantial costs are being incurred on all sides; it is also plain that amendments to pleadings in the proceedings have occasioned further costs to be incurred.
He said he is satisfied that S&P has established basis for a grant of further security and that it is warranted having regard to the costs brought about by the amendments.
Feb. 2025 Advance Ruling Application
On Feb. 12, 2025, AST Court dismissed applications seeking advance rulings on expert evidence admissibility in S&P ratings agency class actions, in relation to case above.
AST Court declined to make advance rulings on expert evidence admissibility, deferred determinations on expert qualifications and report contents until trial; in addition, rejected argument to limit number of overlapping experts given different perspectives.
Required resolution of pleading disputes before determining evidence admissibility.
Jun. 2025 Audio-Visual Testimony
On Jun. 24, 2025, AST Court delivered a judgment, which is titled ACN 117 641 004 Pty Ltd (in liq) v S&P Global, Inc (no 5), allowing witness testimony through audio-visual link in the S&P ratings agency class actions described in the instances above.
AST Court applied legal regs which allow testimony by video link, audio link or other appropriate means subject to judicial discretion; it accepted the witness's concerns about employment security as genuine, noting she is required to work in-person.
Document dated Jun. 24, 2025, received from AST Court Jun. 25, summarized Jun. 30.
Regulators
AST Court; Lawsuit
Entity Types
Corp; CRA; Fiduciary; Inv Co; Muni
Reference
LR [2025] FCA 687, NSD 881/2020, NSD 73/2021, 6/24/2025; LR [2025] FCA 72, NSD 881/2020, NSD 73/2021, 2/12/2025; LR [2024] FCA 1238, NSD 881/2020, NSD 73/2021, 10/25/2024
