Shareholder action succeeds

The Western Australia Supreme Court decision in KIM RILEY IN HIS CAPACITY AS TRUSTEE OF THE KER TRUST -v- JUBILEE MINES NL [2006] WASC 199 is another example of increasing shareholder action.

In this case a shareholder in a mining company sued for damages when he found out after  selling his shares that the company had discovered nickel deposits but had not disclosed that discovery to the ASX. The shareholder was awarded damages of $1,842,000.

High Court approves litigation funding