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A judge has approved a $45.25 million settlement in a shareholder class action against engineering firm CIMIC over disclosures relating to its Middle East business.
The funder that backed a shareholder class action against engineering firm CIMIC that settled for $45.25 million will take a cut to its 25 per cent commission, but wants the court to find the commission would otherwise have been reasonable.
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.
Munich Reinsurance has been given the OK to bring additional claims in its $696 million lawsuit, which accuses AMP of misleading or deceptive conduct over a quota share agreement.
Group members will receive no less than 50 per cent of a $42.25 million settlement reached in a shareholder class action against engineering firm CIMIC.
Class action settlements leaped in value last year, with three settlements topping the $200 million mark.
CIMIC has agreed to pay $45.25 million to settle a shareholder class action alleging it failed to properly inform the market about its investment in a Middle East company.
Westpac and two other lenders have won their cases alleging they were scammed out of $500 million in loans to the Forum group of companies.
Applicants in two dismissed class actions against the Commonwealth Bank have secured an order staying an assessment of costs in the failed cases until the outcome of an appeal.
Two failed shareholder class actions against the Commonwealth Bank of Australia want to delay paying the bank's costs until after their 62-ground appeal is heard.