The move is the second intervention by the government to clamp down on the booming class-action industry, with Treasurer Josh Frydenberg last week introducing tighter regulations on litigation funders.
The government will temporarily amend corporate laws so that from May 26 and for six months, companies and their officers would only be legally liable for market statements if there had been knowledge, recklessness or negligence. The changes will “make it harder to bring such actions against companies and officers’ during the coronavirus crisis,” he added.
Investors: “Well I gues I won’t be buying those stocks”
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