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Saying the interests of class action members "must be given primacy", a judge has rejected the first bid for a group costs order in a class action since contingency fee legislation passed in Victoria.
Liquidators for Forum Finance have won court approval to sell a $1.2 million Mangusta luxury yacht as well as 12 properties owned by various companies within the Forum Group.
Westpac has reached a settlement in a case brought by a former longtime employee and whistleblower who claimed the banking giant dismissed her in retaliation for complaints about its compliance failings.
ASIC has agreed to provide Westpac with the transcript of a compulsory examination of one of its traders in court proceedings accusing the bank of insider trading in relation to the $16 billion privatisation of electricity provider Ausgrid.
A judge has expanded a freezing order over assets owned by Forum Finance director Vincenzo Tesoriero to include property outside Australia, including a yacht in Miami dubbed “XOXO”, after Westpac raised concerns about non-disclosure.
Two Westpac units have been hit with $10.5 million in fines for providing personal financial advice during a superannuation rollover campaign, with a barrister for ASIC noting the bank had not apologised or expressed regret for the conduct.
Westpac has released further details of its fraud claim against Bill Papas, founder of the Forum Group of Companies, painting a picture of an elaborate scheme to misappropriate $254 million to buy real estate, jewellery, luxury cars, racehorses and European football teams.
The Federal Court has given the greenlight to a $30 million settlement in Shine Lawyers' insurance class action against Westpac and will allow post-settlement registration notices to be sent to group members.
The former senior counsel in a settled insurance class action against Westpac has had his fees reduced by $70,000 after the Federal Court heard some of the work for which he charged was not done in the interests of group members.
Six of Australia's biggest financial services firms have paid or offered to pay a total of $1.86 billion to customers who were wrongly charged fees for no service or were given bad advice.