Insurance
Lawyers, funder to seek 75% of AMP’s $29M class action settlement
The lawyers and funder behind a settled class action against AMP will ask a court to OK fees and commission totalling almost $22 million, a bill that leaves just $7 million for group members but represents a $43 million loss on actual costs.
M&A
Ingenia rejects $1.9B takeover offer from Warburg Pincus
Ingenia Communities has rejected a $1.9 billion unsolicited takeover offer from private equity firm Warburg Pincus, saying it undervalues the company.
Securities
Corporate Travel Management, PwC facing class action investigation
Corporate Travel Management and PricewaterhouseCoopers may face a class action over financial misreporting after the travel management company said in April that it would reverse $220 million in revenue after a review found it had overcharged customers.
KPMG
ASIC reveals 3 KPMG probes, 500 audit complaints against Big Four
The Australian Securities and Investments Commission is reviewing 551 audit-related complaints against KPMG, PwC, Deloitte and EY as part of surveillance triggered by the recent whistleblower scandal.
Financial Services
‘All profit, no responsibility’: Diversa grilled over First Guardian
Diversa has been grilled by a parliamentary committee for its refusal to admit failures over the now defunct First Guardian fund, as ASIC reveals it has launched two additional investigations against the super fund trustee.
Class Actions
Contradictor appointed amid ‘concerns’ about $18M class action settlement
A contradictor will weigh in on an $18 million settlement in a class action by Sydney homeowners, even though the funder and law firm have agreed to a cut from their deductions, which would have left just 20 per cent of the settlement for group members.
Financial Services
ASIC remains ‘concerned’ about private credit market
As residential developer Bathla struggles to secure more funds to stay afloat, the Australian Securities and Investments Commissionr told a senate committee hearing it had been concerned about the private credit market for the past 24 months.
Competition & Consumer Protection
Smart Trike can’t withdraw admissions in Target suit after lawyers’ error
A judge has rejected ride-on toy maker Smart Trike's bid to withdraw admissions in a dispute with Target due to errors by its lawyers, saying the company had failed to adequately explain how the admissions came to be made and repeated in three versions of its defence.
Class Actions
Glenmore Park class action drops stigmatisation claims
A class action against Mulpha over a 683-lot development in Glenmore Park will discontinue stigmatisation claims, with property damage claims still remaining, a court has heard.
