On the first day of a seven-week class action trial, a judge has heard that AMP Superannuation failed to renegotiate interest rates with AMP Bank for up to 12 years, despite investing as much as $2 billion in customers’ superannuation with the bank.
A Federal Court judge has criticised HSBC for failing to comply with court orders in the corporate cop’s case alleging the bank failed to protect customers from scams.
A court has approved a $64 million settlement in a consumer class action against the NAB units MLC Trustees and NULIS Nominees, with 69 per cent of the settlement sum to go to group members.
A judge has been asked to approve a $64.25 million settlement in a class action against the trustees of the MLC Super Fund, hearing the settlement, reached just prior to the dismissal of a similar class action, was on the “higher end”.
A drawn out class action against BHP has asked the High Court to clarify the correct approach to construing a group member definition, after a bid to retroactively amend the class was nixed on appeal.
BHP has asked for more time to grapple with a shareholder class action’s amended pleading, saying the changes, if allowed, threaten to derail the trial start date in September.
A judge has declined an early bid for broad discovery in a shareholder class action against tech firm WiseTech, after hearing it would require the production of “truckloads” of irrelevant material.
A class action against BHP can include in the group member definition investors who bought shares on secondary platforms, but the change can’t apply retroactively.
British banking giant HSBC could face a new claim in ASIC proceedings alleging it failed to adequately protect customers from scams, a court has heard.
Class action settlements leaped in value last year, with three settlements topping the $200 million mark.