Shareholders of Commonwealth Bank have lodged expected appeals challenging a decision tossing their class actions over alleged lax money laundering compliance, giving the Full Federal Court a chance to clarify when companies must disclose regulatory investigations.
While it was unfair for a judge to pick Gilbert + Tobin to run a class action against Jaguar Land Rover on the condition that it lower its funding rate, the judge was entitled to consider the law firm’s experience in a similar case against Toyota, an appeals court has said in its reasons.
A decision awarding carriage to Gilbert + Tobin in a class action against Jaguar Land Rover on the condition that it lower its funding rate lacked procedural fairness, the Full Court has found, prompting the firm to team up with its competitor to run the case.
A judge that tossed two shareholder class actions against the Commonwealth Bank of Australia has found the bank did not have to alert investors to the possibility of AUSTRAC proceedings, saying investors did not expect to be apprised of the “toings and froings” of regulatory investigations.
Two class actions have failed to convince a judge that the Commonwealth Bank of Australia’s money laundering compliance failure which led to a $700 million penalty was “law breaking on a grand scale” that should have been disclosed to the market, the latest shareholder case to flop after being taken to trial.
Westpac subsidiary BT Funds Management and Tal Life Insurance have foreshadowed applications to strike out the pleadings of a class action alleging superannuation customers were overcharged for insurance coverage.
A judge overseeing an appeal in a carriage dispute in a class action against Jaguar Land Rover over allegedly defective diesel filters has said he prefers the approach of the Supreme Court of Victoria to such fights, saying firms should not revise their bids multiple times.
The applicant in a competition class action against AGL Energy has failed to find another funder to back the case after the original funder that bankrolled the case withdrew its support.
The High Court has refused special leave in a failed class action against Volkswagen over allegedly defective Takata airbags.
A judge has discontinued a class action by Victorian councils against insurer JLT Risk Solutions, but has departed from the decisions of two other judges by ruling the suspension of the time limit for bringing the councils’ claims will immediately be lifted.