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Westpac settles class action over alleged Ponzi scheme
Class Actions 2019-06-12 8:18 pm By Miklos Bolza

Banking giant Westpac has settled an investor class action brought by Levitt Robinson for its alleged role in an unregistered managed investment scheme.

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NAB may face beefed up class action over ‘worthless’ insurance
Class Actions 2019-06-12 3:55 pm By Cat Fredenburgh

Slater and Gordon is looking to significantly expand its class action against National Australia Bank over the sale of “worthless” credit card insurance to include personal loan customers who were sold allegedly unsuitable insurance policies.

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ASIC fights ANZ bid to stay capital raising case as cartel action hangs over bank
ASIC 2019-06-05 8:51 pm By Christine Caulfield

The Australian Securities and Investments Commission is pushing back against an application by ANZ Bank to stay the regulator’s civil penalties case over disclosures related to a $2.5 billion equity capital raising while it defends against criminal charges related to the controversial share placement.

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7-Eleven class actions launch second bid to limit communications with franchisees
Franchises 2019-06-05 3:56 pm By Miklos Bolza

After a first failed attempt, two class actions against 7-Eleven are trying again to restrict communications between the convenience store giant and franchisees ahead of a settlement approval hearing with ANZ, the bank that loaned money to store owners.

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Piper Alderman says costs breach in KPMG class action ‘obviously accidental’
Class Actions 2019-05-31 2:42 pm By Amelia Birnie

Piper Alderman has urged a judge to excuse its “obviously accidental” breach of legal profession costs regulations in its Discovery Metals investor class action against KPMG, warning that group members could suffer detriment if its $3.5 million legal bill was not approved quickly.

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KPMG settles lawsuits by Equititrust liquidators accusing accounting firm of negligence
Restructuring & Insolvency 2019-05-28 3:54 pm By Miklos Bolza

The liquidators of Gold Coast fund manager Equititrust are seeking court approval of a confidential settlement of two proceedings brought against KPMG for allegedly failing to properly audit the firm prior to its collapse.

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Judge questions Piper Alderman’s $3.5M legal bill in KPMG class action
Class Actions 2019-05-28 1:59 pm By Amelia Birnie

A judge has questioned whether he should approve the $3 million legal bill in the settled Discovery Metals shareholder class action against KPMG, amid concerns the plaintiff’s lawyers, Piper Alderman, breached legal profession regulations by failing to update their estimated costs.

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Court approves confidential KPMG class action settlement over objections
Class Actions 2019-05-27 9:32 pm By Amelia Birnie

A judge has signed off on the confidential settlement of a shareholder class action brought against KPMG relating to the failed $830 million hostile takeover of mining firm Discovery Metals, despite objections that the settlement process was “unfair and unjust”.

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ANZ brings on class actions ace as new group GC
People In The News 2019-05-21 8:43 pm By Christine Caulfield

ANZ has recruited seasoned class actions lawyer Ken Adams to be its next group general counsel as the bank faces two cases over a botched share placement and braces for the possibility of more litigation in the wake of the Banking Royal Commission.

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Facebook, Instagram to fight misuse of market power case by social media startup
Competition & Consumer Protection 2019-05-17 2:27 pm By Christine Caulfield

Facebook and Instagram will defend against claims they misused their market power to block an Australian marketing startup from their platforms, saying the company – which sends scheduled social media posts for clients — had breached their terms of use.

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