Australia's biggest department store Myer has won a legal battle against class action litigator Mark Elliott in relation to a profit downgrade in 2015 that sent its share price diving.
Mr Elliott is a former Minter Ellison partner and Computershare executive.
![Myer chief executive Richard Umbers. Myer said in a statement to the ASX that it "welcomed" the decision.](/web/20161209230901im_/http://www.smh.com.au/content/dam/images/g/r/h/h/7/p/image.related.articleLeadwide.620x349.gt7top.png/1481264886314.jpg)
His company, Melbourne City Investments, launched legal proceedings against Myer last year, alleging that a significant fall in the company's share price in March 2015 was caused by the release of information that should have been disclosed six months earlier.
But the Supreme Court of Victoria on Friday blocked further legal action from Mr Elliott in relation to this matter.
"In my opinion, the court's process has been engaged for an illegitimate or collateral purpose and accordingly the proceeding is an abuse of process," Justice Sifris said.
"The predominant purpose of this proceeding is to generate, not legal fees, but income or revenue for interests associated with Elliott."
Myer said in a statement to the ASX that it "welcomed" the decision.