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APRA puts conditions on CBA unit Avanteos after charging fees to dead clients
Financial Services 2019-12-11 11:16 pm By Christine Caulfield

CBA subsidiary Avanteos Investments Limited has been hit with extra conditions on its superannuation licence by the Australian Prudential Regulation Authority after it was revealed the investment management firm charged fees to thousands of deceased superannuation members.

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Suncorp unit can force reversal of Coverforce acquisition, court says
Corporate 2019-12-10 9:52 pm By Christine Caulfield

The head of Australia’s largest unlisted insurance broker, Coverforce, may face a future damages claim for misleading or deceptive conduct if a recent acquisition of former Suncorp unit Resilium is not reversed, a court has found.

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Judge greenlights $16.5M Forge class action settlement
Class Actions 2019-12-10 11:29 am By Christine Caulfield

A judge has signed off on a $16.5 million settlement of a shareholder class action against collapsed engineering and construction company Forge Group.

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Deloitte defends partner who took audit files at centre of class action
Class Actions 2019-12-09 11:57 pm By Christine Caulfield

Deloitte chairman Tom Imbresi has defended a move by a firm partner to make off with the audit file of collapsed construction company Hastie after a court ordered it be produced to the applicant in a class action against the accounting giant.

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Domino’s slammed by judge for ‘ridiculous’ redactions in class action docs
Franchises 2019-12-06 10:02 pm By Christine Caulfield

Pizza chain Domino’s has been blasted for redactions in documents it has produced in a class action over worker pay, with a judge warning the franchisor that it could not act as “judge and jury” in deciding what information could be given to the applicant.

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$42M Murray Goulburn settlement wins approval, but fight over funder’s cut still on
Class Actions 2019-12-06 2:56 pm By Christine Caulfield

Two months after rejecting the deal because the litigation funder’s cut appeared excessive, a judge has approved a $42 million class action settlement with Murray Goulburn while the funder keeps up the fight over its commission.

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Judge says High Court did not rule out common fund orders at settlement
Class Actions 2019-12-06 1:58 pm By Christine Caulfield

The High Court’s ruling Wednesday that judges have no power to issue a common fund order in the initial phases of a class action does not bind them after a settlement has been reached, a Federal Court judge said Friday.

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Higher commission rates, more closed class actions to follow High Court ruling
Analysis 2019-12-04 10:36 pm By Christine Caulfield

The end of the common fund order is a setback for class actions that will see a revival of the days of closed proceedings, costly bookbuilding, higher commission rates and the shelving of worthy but risky cases, experts say, and all eyes will now turn to state and federal governments to see how they respond to calls for legislative intervention.

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5 takeaways from the High Court’s common fund ruling
Class Actions 2019-12-04 1:43 pm By Christine Caulfield

More than a decade after the High Court ruled that third parties could finance legal proceedings in Australia, the court has issued another game changing decision that puts limits on what judges will do to help a litigation funder out. Here, Lawyerly gives you a quick guide to the key takeaways from Wednesday’s judgment.

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Common fund orders in class actions dealt fatal blow by High Court
Class Actions 2019-12-04 10:12 am By Christine Caulfield

Judges have no power to order all class action members to pay a proportion of a litigation funder’s commission out of their share of a settlement, the High Court has ruled in a landmark judgment that deals a huge defeat to litigation funders.

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