AMP has agreed to pay $120 million to settle a class action stemming from the banking royal commission which accused it of overcharging millions of superannuation members over a 12-year period.
IC Markets has prevailed in a fight with the applicant in a class action against the brokerage firm, which sought to personalise a notice to group members advising them of the case.
Ray White has secured a stay of examinations of its employees, as a creditor of FSM Development investigates claims the real estate agency’s loan agreement with the collapsed Sydney developer was uncommercial.
IC Markets is fighting a class action’s bid for “highly private and confidential” information about possible group members to craft personalised opt-out notices, arguing the information would be safer in the hands of a third-party mailing house than a plaintiff firm given increasing cyberattack risks.
Online trader Plus500 is seeking to stay a class action on behalf of investors who lost money trading in highly leveraged financial products, telling a court the applicant signed an agreement forcing the dispute into arbitration.
National Australia Bank and its home loan lender subsidiary have been ordered to pay a $15.5 million penalty after admitting to mishandling hundreds of customer hardship applications.
The corporate regulator has appealed a Federal Court decision that rejected part of its case against HCF Life Insurance over a pre-existing condition term in its policies that was found to be misleading but not unfair.
Maurice Blackburn’s costs in running a ‘junk’ insurance class action which settled for $34 million will not be fully covered under a 25 per cent group costs order, a court has heard.
NAB has agreed to pay a $15.5 million penalty for failing to respond to customer hardship notices, around half the size of the penalty ASIC is seeking against Westpac for similar breaches of the Credit Code.
The lead applicant in a failed class action against ex-NAB super trustee NULIS Nominees has lost his bid to stay a costs order of some $12.5 million pending an appeal.