Defunct Westpac home loan unit RAMS has been hit with a $20 million penalty after admitting to widespread misconduct at its franchises over a four-year period.
A judge has raised concerns about whether an agreed-to $20 million penalty against Westpac’s defunct home loan subsidiary RAMS is enough to deter other lenders from breaking credit rules.
CityLink has lost a bid to void toll roaming agreements with ConnectEast after it was ordered to repay $36 million in overcharged roaming fees, with a judge rejecting its arguments as contrary to City Link-specific legislation.
Eastlink operator ConnectEast has lost its bid for restitutionary interest after a judge found CityLink’s operator overcharged tens of millions of dollars in toll roaming fees.
The applicant in a class action by former RAMS franchisees can’t intervene in proceedings by ASIC against the defunct Westpac mortgage unit, with a judge finding the outcome of the ASIC case will not affect the class action.
The shareholder leading a class action against failed fund manager Blue Sky Alternative Investments has lost a bid for a split trial it accepted was novel, despite arguing the usual course for trials in securities cases was “misconceived”.
The High Court has unanimously found the Federal Court has no power to allow solicitors to take a cut of a settlement or judgment in a shareholder class action against Blue Sky, saying it would be contrary to rules against contingency fees in NSW.
A judge has allowed Charter Hall to respond to developer Pro-Invest’s expert evidence in a case claiming $100 million in damages for the lost opportunity to build a 26-storey hotel in the Sydney CBD.
The judge who tossed a class action by Quintis’ shareholders should have found a restatement of assets would have materially affected the sandalwood company’s share price “as a matter of common sense”, a court has been told.
Former franchisees involved in a class action against RAMS are seeking to intervene in ASIC civil penalty proceedings against the defunct Westpac subsidiary.