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Group members in the Fitch Ratings class action have recovered almost 95 per cent of their losses in a $27 million settlement, which was narrowly approved after a judge scolded the parties for a lack of clarity around the mediation and opt-out process.
Parties in an ongoing four-and-a-half year long investor class action against Fitch Ratings have agreed to a second round of mediation after a prior attempt was adjourned without success.
The Commonwealth Bank of Australia, facing cross-claims by credit ratings agency Fitch in a class action alleging it gave false or misleading double A and triple A ratings to synthetic CDOs backed by Sigma Financial, told investors Fitch's withdrawal of Sigma's credit rating prior to the collapse of the $27 billion investment fund was a "technical" issue, the bank has admitted.
An expert witness in an investor class action against Fitch Ratings over toxic financial products is no expert at all, the lead applicant told the court in contesting the admissibility of the expert's evidence.