A shareholder class action against KPMG and the directors of defunct mining company CuDeco is seeking insurance information and a limited number of documents from the directors ahead of mediation, to avoid a “train wreck” of a case, a court has heard.
A class action of bond holders accusing Virgin Australia of failing to disclose its true financial position in a 2019 prospectus for a capital raising wants a contentious indemnity clause in the airline’s DOCA narrowed, in proceedings a judge has said “increasingly resemble a farce”.
Crown Resorts has reached agreement with AUSTRAC to pay a $450 million penalty for the casino operator’s serious breaches of the anti-money laundering and counter-terrorism financing laws.
Crown Resorts has reached agreement on a proposed penalty in AUSTRAC’s case alleging “widespread and serious non-compliance” with anti-money laundering and counter terrorism financing laws, but the presiding judge says more information is needed for the court to fix a fine.
In a class action long delayed by a battle over foreign shareholders, BHP Group has finally filed a defence, denying it misled shareholders over a failed Brazilian dam and saying knowledge about the risk of collapse cannot be imputed to the Melbourne-headquartered energy giant.
Casino giant Crown has admitted to a “significant number” of anti-money laundering and counter terrorism breaches in a case brought by AUSTRAC.
A court has heard that casino giants Crown and Star are likely to reach agreement with AUSTRAC as to liability in proceedings alleging “widespread and serious non-compliance” with anti-money and counter terrorism laundering laws.
Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.
A judge has approved a group costs order with a tiered contingency fee that will guarantee group members at least 72.5 per cent of any returns in a shareholder class action accusing Crown Resorts of lax anti-money laundering compliance over a six-year period.
Westpac has lost a bid to keep group members in the dark about the premiums paid for allegedly worthless consumer credit insurance, information the bank said could inflate expectations about settlements worth $126 million reached in three class actions.