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AMP has admitted ASIC's allegations that it acted unconscionably in charging life insurance premiums and advice fees to deceased customers, but the wealth manager will go head to head with the regulator over how much it should pay for its contraventions.
A judge has ordered that a competition class action against Queensland power companies Stanwell and CS Energy be made open to all energy consumers in the state, saying it was not a “plain vanilla” commercial class action.
The federal government said Friday it would consider the implications of an appeals court's finding that the managed investment scheme structure was unsuited to class actions, a ruling it said was a victory for ordinary Australians and a vindication for Labor.
In a significant victory for litigation funders, the Full Federal Court has found that funded class actions are not managed investment schemes subject to regulatory oversight, gutting the legal basis for reforms enacted by the Morrison government in 2020.
A litigation funder challenging a decision underpinning recently enacted rules that require class actions to be registered as managed investment schemes told an appeals court Wednesday the decision was plainly wrong and the regime unworkable.
AMP has admitted two of its units charged customers fees for no service but denied it acted unconscionably in a case brought by the corporate regulator alleging it continued to charge advice fees and life insurance premiums to customers who had died.
The Full Federal Court has appointed a contradictor to "take up the cudgels" against funder Litigation Capital Management, which has challenged a judgment refusing to find that a class action filed against Queensland electricity operators was not a managed investment scheme.
A litigation funder has taken aim at a landmark judgment in an appeal of a ruling that found its funding arrangement with group members in a class action against Queensland energy suppliers was a managed investment scheme.
A judge has thrown out a lawsuit that argued the funding for a class action against two Queensland energy generators didn't comply with new regulations targeting litigation funders, and said a landmark judgment that held class action funding agreements were managed investment schemes was conceptually incoherent and ripe for a Full Court challenge.
AMP has hit back at fees for no service court proceedings brought by ASIC, arguing it was legally entitled to charge customers premiums and advice fees for life insurance after they died.