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.
On the first day of a seven-week class action trial, a judge has heard that AMP Superannuation failed to renegotiate interest rates with AMP Bank for up to 12 years, despite investing as much as $2 billion in customers’ superannuation with the bank.
A judge has upheld ASIC’s privilege claim over a solicitor’s notes from an interview with a tech start-up boss involved in the ASX program to replace its CHESS system.
The lead applicant in a failed class action against NULIS Nominees has argued that any costs orders should be stayed until after its appeal, while the ex-NAB super trustee claims it should have $8 million in costs paid now.
HCF Life insurance has been hit with a $750,000 penalty for including a pre-existing condition term in a life insurance policy, which a judge found was likely to mislead.
Two Suncorp units and insurer TAL Life have agreed to pay $34 million to settle a class action over allegedly worthless add-on insurance sold at car dealerships.
Brokerage firm International Capital Markets says a class action over risky financial products must put up or shut up when it comes to claims in the case that neither applicant has standing to bring.
Westpac has agreed to fork over $130 million to settle a class action over payment of flexible commissions to car dealers, a practice that was banned by the corporate regulator seven years ago.