The judge overseeing a class action alleging Sony used restrictive trade practices to block competition with its Playstation store has told the applicant to get “a bigger team” on the slow-moving case.
Wealth manager Colonial First State Investments and insurer AIA have reached a $140 million settlement in a long-running class action alleging 700,000 superannuation members were charged inflated premiums on insurance products linked to former owner CBA.
Pharmaceutical giant Johnson & Johnson has denied knowingly selling alleged ineffective medications under its Benadryl, Sudafed and Codral brands, saying research indicated the phenylephrine-containing products worked.
Saying the appeals court committed “fundamental errors” in approaching their claim of loss, the applicants in failed cases against the Commonwealth Bank have appealed to the High Court, in a case that could clarity the elusive test for damages in shareholder class actions.
Following the failure of two class actions to prove market-based loss from the Commonwealth Bank’s disclosure breaches, the bank is fighting the class actions’ bid to pursue individual ‘no transaction’ cases, saying they were “trying to keep something alive that is truly dead”.
S&P has reached a settlement in a case by two Cayman Island companies over alleged defective ratings but a class action won’t settle until “hell freezes over,” a court has heard.
Insurer Marsh has fired off a cross-claim against Swiss bank UBS in several cases brought over Greensill’s $1.7 billion collapse.
In explaining where CBA shareholders went wrong in proving damages from the bank’s omissions over an AUSTRAC probe, the Full Federal Court has given class action plaintiffs the clearest indication yet of how they might win.
The failure of two class actions to prove loss linked to the Commonwealth Bank’s disclosure breaches was not the fault of the bank, an appeals court has held in dealing the latest blow to shareholder group proceedings.
Two class actions against Commonwealth Bank have partially succeeded on appeal, with a finding that the bank breached its continuous disclosure obligations, but damages still elude shareholders.