Settlement

Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.

Macquarie Securities has agreed to pay a $35 million penalty in a civil suit brought by the Australian Securities and Investments Commission alleging systemic misreporting of short sales over a 14-year period.

A judge has expressed concerns about a funder's novel application for its costs in a partially settled shareholder class action over the collapse of mining company Cudeco, saying everyone was getting a payday except group members. 

A court has signed off on a $6.8 million settlement in a class action against a Queensland trucking company on behalf of owners of cargo on a freight train derailed by a truck at a level crossing.

AMP has agreed to pay $29 million to settle a class action alleging insurance customers were overcharged, putting to rest another case stemming from "serious misconduct" that came to light curing the 2018 banking royal commission.

A judge has approved a $110 million settlement in a class action against BHP over the collapse of a tailings dam, and has OK'd fees and commission reducing the sum by 50 per cent, despite concerns the costs were excessive.

A judge has questioned whether an agreed penalty against ANZ for overstating bond trading volumes is sufficient, noting the misrepresentations were "very significant".

Sydney Trains has reached an in-principle agreement to settle a class action by operations staff alleging a “systemic pattern” of underpayments and overwork.

Slater & Gordon has settled a lawsuit by its former HR head alleging she was axed after expressing concerns that the firm deliberately underpaid over $300,000 in leave entitlements.

London City Equities has reached a settlement with listed firm Excelsior in a case alleging shareholder oppression over a decision to sell off a subsidiary for $101 million and not distribute the proceeds.