Judge spots ‘fundamental flaw’ in NAB insurance class action settlement

TOP STORY
Class Actions February 25, 2020 10:25 pm By Miklos Bolza

A judge has questioned whether he should sign off on a $49.5 million settlement in a class action against National Australia Bank over allegedly worthless credit card insurance, which he said had a “fundamental flaw” because it did not contain a provision automatically cancelling group members’ policies.

ASIC pans Wagyu and shiraz ‘thought experiments’ in Westpac home loan appeal
Financial Services February 25, 2020 5:05 pm By Miklos Bolza

ASIC has criticised a Federal Court judge for his ‘thought experiments’ around prospective home loan applicants feasting on Wagyu beef and shiraz, as the regulator challenges the judge’s dismissal of its responsible lending case against Westpac.

ACCC’s Rod Sims says more competition cases in the pipeline
Competition & Consumer Protection February 25, 2020 8:57 pm By Alison Eveleigh

The ACCC has revealed that it will bring at least four new competition cases this year, with chairman Rod Sims also promising that the regulator could pick up the pace when it comes to launching proceedings.

Other stories
Former analyst pleads guilty to Big Un insider trading
White Collar February 25, 2020 2:12 pm By Cat Fredenburgh

A former Maple Brown Abbott analyst has pleaded guilty to insider trading and communicating inside information in relation to $1.6 million in shares of collapsed video company Big Un.

Court OKs derivative suit against Pacific Current directors over merger
Securities February 25, 2020 11:35 pm By Cat Fredenburgh

A Pacific Current shareholder has won court approval to bring a derivative lawsuit against certain current and former directors of the funds management company for allegedly breaching their duty of care and diligence in relation to the company’s 2014 merger with US-based Northern Lights Capital Group.

Geowash execs appeal loss in ACCC case
Competition & Consumer Protection February 25, 2020 12:30 pm By Cat Fredenburgh

Two Geowash executives have appealed a ruling that found they were knowingly involved in the car wash franchisor’s unconscionable conduct in its dealings with franchisees.

New shareholder class action against IOOF alleges extensive misconduct
Class Actions February 24, 2020 3:00 am By Christine Caulfield

Financial services provider IOOF may have beaten back regulatory action, but it still faces the wrath of shareholders, with a new class action claiming the firm engaged in corporate misconduct that includes insider trading, front running and breaches of trustee duties.

No harm, no foul? Full Court weighs ACCC challenge to flushable wipes ruling
Competition & Consumer Protection February 24, 2020 5:58 pm By Miklos Bolza

The ACCC claims it was not required to prove Kimberly-Clark’s flushable wipes caused actual harm to sewers, as it challenges a ruling that disposed of its consumer law case against the personal care giant.

Spain ordered to pay $375M in arbitration dispute
Arbitration February 24, 2020 8:44 pm By Alison Eveleigh

The Kingdom of Spain must pay $375 million after it failed in its bid to claim sovereign immunity from the enforcement of two foreign arbitration awards related to renewable energy investments.

AFP agrees to keep eyes off seized files while ABC mulls appeal
Media February 24, 2020 9:09 pm By Christine Caulfield

The Australian Broadcasting Corporation has secured a short-lived agreement by the Australian Federal Police not to look at the material seized in a controversial raid on the national broadcaster’s headquarters as it considers whether to take its battle with the agency to an appeals court.

TAL refutes ASIC claims, stands by denial of coverage for cancer patient
Insurance February 24, 2020 2:24 pm By Cat Fredenburgh

Life insurer TAL has stood by its decision to deny coverage to a cancer patient, which landed it in hot with the Australian Securities and […]

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‘Negligent’ insurance broker must pay client’s copyright settlement with Microsoft
Intellectual Property February 24, 2020 9:17 pm By Alison Eveleigh

An insurance broker breached its duties to a software company and must cover the costs of a settlement it reached with Microsoft for copyright infringement, […]

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Westpac slams Shine’s ‘sales pitch’ in class action opt out notice
Class Actions February 21, 2020 10:21 pm By Miklos Bolza

Westpac has criticised Shine Lawyers for allegedly turning a registration and opt out notice to class action members into a ‘sales pitch’ designed to book-build […]

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