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APRA cuts $1B Westpac risk capital requirement in half
Financial Services 2024-07-19 3:36 pm By Christine Caulfield

Pointing to Westpac’s progress in risk governance since it was targeted by AUSTRAC for systemic failures five years ago, the prudential watchdog has said it will halve a $1 billion capital requirement.

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3A cladding class action wins spat over issues to be canvassed at two-month trial
Competition & Consumer Protection 2024-07-19 11:46 pm By Christine Caulfield

Building materials manufacturer 3A Composites has lost a challenge to questions for a judge at an initial trial of a class action over combustible cladding, with a judge finding the issue of whether the company’s Alucobond panels were of acceptable quality was common to all group members. 

Class action filings set for lowest year in decade, law firm report says
Class Actions 2024-07-18 2:37 pm By Christine Caulfield

The number of new class actions so far this year has fallen short of recent years, and not a single shareholder proceeding has been lodged in 2024 to date, according to a new report.

Slater & Gordon admits to staff underpayments of at least $300,000
Employment 2024-07-18 11:51 pm By Christine Caulfield

Plaintiff law firm Slater & Gordon has admitted to a payroll error affecting at least 100 current and former employees that has resulted in underpayments of at least $300,000.

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Judge gives law firm tough time over extra costs to distribute BSA class action settlement
Employment 2024-07-17 11:34 pm By Christine Caulfield

A law firm has secured more funds to cover the cost of distributing a $20 million settlement reached in a class action against telco contractor BSA, but not as much as it wanted, with a judge saying the firm would have been stuck with its initial estimate if the administration gig had been put out to tender.

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Super Retail Group’s action against lawyers wants lid on info ahead of employees’ case
Employment 2024-07-17 11:57 pm By Christine Caulfield

Preemptive action brought by Rebel Sports owner Super Retail Group against lawyers acting for the retailer’s employees in a proposed $50 million lawsuit seeks court orders concealing information expected to be filed in the case.

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CSR faces potential competition case over insulation price hikes
Competition & Consumer Protection 2024-07-15 11:47 pm By Christine Caulfield

Major building insulation supplier CSR Bradford has been hit with a lawsuit by a leading home energy company seeking information on price increases as part of a potential lawsuit alleging misuse of market power.

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Super Retail Group brings legal action against employment lawyers, media strategist
Employment 2024-07-12 11:39 pm By Christine Caulfield

Rebel Sports owner Super Retail Group has filed court action against solicitors at Harmers Workplace Lawyers and the employment firm’s external media strategist, after revealing it faced a potential $50 million lawsuit by the firm on behalf of the retailer’s employees.

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Fortescue accused of ‘extraordinary invasion of privacy’ of start-up trio
Intellectual Property 2024-07-12 11:15 pm By Christine Caulfield

Seeking to quash search orders won by metals company Fortescue against former employees who founded a green iron rival, a lawyer for the start-up has said three terabytes of data were indiscriminately copied, including confidential, privileged and irrelevant material.

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Contingency fee ruling may face serious scrutiny in a High Court challenge, experts say
Analysis 2024-07-10 11:55 pm By Christine Caulfield

Although carefully reasoned, last week’s landmark judgment by the Full Federal Court finding power to grant contingency fees to class action solicitors has placed the question of statutory authority to award settlement common fund orders on more unsteady ground than before, experts say.

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