Events

A developer seeking to redevelop the site of the Hyde Park Inn has lost its bid for an extra 15 months to pay up over $95 million to the NSW branch of the RSL to settle the purchase, but a judge has handed it a win in the process for determining the final price tag for the deal.

HCF Life insurance has been hit with a $750,000 penalty for including a pre-existing condition term in a life insurance policy, which a judge found was likely to mislead.

The failure of two class actions to prove loss linked to the Commonwealth Bank's disclosure breaches was not the fault of the bank, an appeals court has held in dealing the latest blow to shareholder group proceedings. 

An appeals court has rejected Keybridge CEO Nick Bolton's challenge to a ruling that found that he and two other directors were validly removed at a board meeting, finding in favour of shareholder WAM Active. 

A $59 million settlement has been reached in a long-running class action accusing five major banks of foreign exchange rate-rigging.

A Melbourne law firm has been hit with a $48,840 penalty in a case by a junior lawyer who was required to work over 200 hours in three weeks, including several days and nights spent working around the clock in a hotel.

ANZ has sued several insurers seeking coverage for two class action settlements totalling $117 million, plus defence costs, in cases stemming from the banking royal commission. 

Shareholders are set to pocket 58 per cent of a $65 million settlement in a class action against Treasury Wine Estates if the deal is approved by a court at a hearing this month.

Two class actions against Commonwealth Bank have partially succeeded on appeal, with a finding that the bank breached its continuous disclosure obligations, but damages still elude shareholders.

Resolving a split between courts, the High Court has confirmed that judges have power to make soft class closure orders, which require class action members to register before mediation to participate in any resulting settlement.