A proposed notice to eligible group members in Maurice Blackburn’s class action against AMP over its fees for no services scandal threatened to bar unregistered shareholders from any settlement stemming from mediation in the case, a threat barred by a recent ruling finding that courts have no power to close class actions to signed up group members, an appeals court has heard.
Eight months after defeating a case brought by the prudential regulator alleging breaches of superannuation laws, wealth manager IOOF has escaped a class action without paying a cent to shareholders.
Cigno has appealed a ruling shooting down its challenge to the first action brought by ASIC under its powers to prohibit ‘predatory’ financial products, which targeted the payday lender’s model of short-term credit lending.
Westpac has admitted to millions of breaches of anti-money laundering and counter terrorism financing laws, and has told a court it did not adequately monitor transactions of customers linked to child exploitation.
Herbert Smith Freehills has bolstered the ranks of its global financial services team with the recruitment of former Norton Rose Fulbright partner Charlotte Henry.
A contest of two competing shareholder class actions against Westpac over millions of alleged anti-money laundering breaches has ended with one law firm and its funder bowing out.
A judge will ask the NSW Attorney General to launch a criminal or regulatory investigation into a Hunter Valley-based financial advisor whose alleged fraudulent conduct led to investor losses of over $4.6 million.
A NSW Supreme Court decision refusing to put a Maurice Blackburn-led shareholder class action against AMP on ice pending a High Court challenge has been appealed by the lead applicant of a competing case.
A software company is suing a subsidiary of AMP for breach of contract after the financial services firm allegedly induced 11 employees to jump ship after licensing its online advisor platform.
The High Court’s abolition of the so-called Chorley exception does not apply to a party’s in-house counsel, which is still permitted to seek its own legal costs for prosecuting or defending a proceeding, a judge has found.