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Westpac has been hit with a class action over a "shonky" car loan scheme, in what is the first class to be filed in Victoria Supreme Court following passage of a state law allowing lawyers to earn contingency fees.
Elderly victims of Ponzi schemer Bradley Sherwin have told the government's class action inquiry of their "horrendous class action journey", which led to a "pathetic outcome" in which the majority of a $12 million settlement with the Bank of Queensland went to the law firm and funder behind the case.
Westpac is facing a class action over an allegedly dishonest car loan scheme that was eventually banned by the corporate regulator.
The Australian Securities and Investments Commission has won its challenge to a tribunal ruling that overturned a permanant ban imposed on a RI Advice Group authorised financial planner who double charged his clients.
A judge on Friday dismissed Westpac's bid for an update from litigation funder JustKapital as to whether it continues to financially back a class action against the bank over allegedly excessive insurance premiums.
The Commonwealth Bank of Australia has refused to provide sought-after documents to the lead applicants of a joint class action against it until AUSTRAC grants permission, citing concerns over possible criminal breaches if it hands over the material without the agency's approval.
Insurance giant Allianz is facing a class action over allegedly “poor value” or worthless car and motorcycle insurance products.
DLA Piper has hired a partner to build up its finance dispute resolution and class actions practice in Australia.
A referee has been appointed to examine the fees for the liquidators of stockbroker Halifax Investment Services, which collapsed in December 2018, trapping around $200 million in client funds.
Westpac has become the latest company to discover it shortchanged workers, announcing it will pay $8 million to around 8,000 current and former staff who were not paid long service leave entitlements.