The Full Federal Court has found it was “abundantly clear” on the evidence before a trial judge that funeral expenses insurance provider ACBG misrepresented to Aboriginal customers that it was Aboriginal owned or managed, but found ASIC contributed to the error with its bad pleadings.
Russia’s largest aluminium producer UC Rusal has lost a breach of contract lawsuit brought against six Rio Tinto companies after they refused to deliver alumina under a joint venture agreement on the basis that doing so would cause them to run afoul of export sanctions imposed after Russia invaded Ukraine.
Companies and government entities paid out less to settle class actions in 2023 than in the previous two years, with no mega settlements hitting their pocketbooks.
AMP has agreed to pay $100 million to settle a class action by financial advisers over its buyer of last resort policy, after suffering a loss at trial.
AMP and a group of financial advisers in a class action over changes to the firm’s buyer of last resort policy have agreed to another round of mediation, even as the wealth manager appeals a judge’s liability finding.
The Australian Securities and Investments Commission has filed an appeal after a judge ordered ACBF Funeral Plans to pay $1.2 million for misleading its First Nations customers, less than one-fifth of what the regulator sought.
AMP has appealed its loss in a class action over changes to its buyer of last resort policy, under which the wealth manager slashed the amount it would pay financial advisers for their books of business.
A judge has order ACBF Funeral Plans to pay $1.2 million for misleading its First Nations customers, a penalty less than one-fifth the fine sought by ASIC.
The lead applicant in a class action against AMP Financial Planning on behalf of 542 advisers has won $813,000 in damages after a judge found it could not retreat from a promise to buy back adviser businesses at four times their revenue.
ASIC is seeking $7.5 million in penalties against failed ACBF Funeral Plans and parent company Youpla Group for misrepresenting to customers that it was Indigenous-owned and falsely claiming that its products were specifically beneficial to First Nations people.