Leighton Holdings’ $70 million settlement; Thieves break into Sydney Versace store: Midday Roundup

Leighton Holdings will pay out almost $70 million to settle an investor class action lawsuit brought by law firm by Maurice Blackburn on behalf of 2400 investors.

Fairfax reports investors are seeking compensation over Leighton Holdings’ April 2011 decision to announce more than $1.1 billion in write-downs, which caused the company’s share price to fall almost 14%.

In a Federal Court class action last year, Maurice Blackburn alleged Leighton Holdings was aware of the losses months before it announced the write-down.

Thieves break into Sydney Versace Store

Thieves have stolen about $30,000 worth of goods from an inner-Sydney Versace store.

CCTV footage shows three people wearing balaclavas breaking down the George Street shop door on Wednesday evening.

The trio then made their getaway in a silver 2012 Mercedes-Benz.

Canon Australia to axe more than 100 staff

Canon Australia will axe more than 10% of its staff in an effort to lift returns on investment from its local operations, reports Fairfax.

The Japanese-owned digital camera and printer company supplies major Australian retailers, such as Myer, David Jones, Harvey Norman, Dick Smith and JB Hi-Fi.

The company will use the restructure to cut back-office support and administration staff, following growing by just 0.3% to $756.5 million in 2013.

It says it remains committed to its Australian operation.

Shares down on open

The S&P/ASX200 benchmark was down 29 points to 5481.8 at 11:56 AEST. Last night the Dow Jones closed down 1.01%, falling 167.16 points to 16,446.81.

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