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Online trading platform Plus500 is challenging a court ruling that investors who lost money on highly leveraged contracts for difference can proceed with their class action despite signing arbitration clauses.
Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.
Plus500 has lost its bid to permanently stay a class action by investors who lost money trading in highly leveraged financial products, with a court finding that the arbitration clause relied on by the online trader was unfair and void.
Construction PRO
The liquidators of a defunct developer FSM have lost their bid to access unredacted copies of emails between Ray White Capital and King & Wood Mallesons.
Construction PRO
A judge has rejected a bid by the director and general manager of an aluminium windows and doors company to set off a $2.6 million loss from a Spring Square project against a $2.8 million liability.
The administrators of struggling regional airline Rex have entered into a sale agreement with NASDAQ-listed aviation holding company Air T, with the federal government stepping in to facilitate the sale.
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.
Construction PRO
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.