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A judge has signed off on a $56.3 million settlement in a class action against wealth manager Colonial First State that will see Maurice Blackburn earn $14.5 million in costs, saying it was a good example of the class action regime in operation.
The High Court has dismissed Crown Resorts’ bid for special leave to appeal in a $100 million dispute over GST assessments on commissions and rebates paid to tour operators that directed international VIP gamblers to two of its casinos.
Law firm Maurice Blackburn will ask a court to approve $14.5 million in costs for running a class action against Colonial First State that has settled for $56.3 million, giving account holders 75 per cent of the proceeds.
Colonial First State will pay $56.3 million to settle a class action that accused the wealth management group of delaying the transfer of $3.2 billion in customer funds to low cost MySuper accounts.
The Federal Court won't permit a Melbourne-based judge to travel to Sydney on the dime of the parties in a class action against wealth management group Colonial First State, but will foot the bill itself.
The law firms and barristers who defended former Dick Smith directors in sprawling litigation over the failure of the electronics retailer earned close to $68 million in fees, a court has heard.
A group of banks that failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse have been ordered to pay indemnity costs after a court found they rejected $10 million settlement offers three days into the trial.
National Australia Bank and HSBC should be "jointly and severally liable" to pay a portion of the costs of a failed case brought by Dick Smith's receivers against the company's former directors because the banks stood to gain financially if the lawsuit was successful, the NSW Supreme Court has heard.
Dick Smith's former CFO will appeal a $43 million judgment in favour of National Australia Bank over his role in the retailer's collapse.
Herbert Smith Freehills this week escaped a cross-claim that its advice made it liable for the alleged losses of Arrium's lenders, but the judge who tossed the claim along with the banks' cases expressed doubts about one of the law firm's key arguments, a warning to other firms caught up in litigation as so-called concurrent wrongdoers.