An appeals court has dismissed a third attempt by directors of mortgage aggregator Connective Group to stifle a shareholder’s derivative lawsuit over a restructure that allowed the sale of 25 per cent of its business to Macquarie Bank.
AMP is a facing a second class action for allegedly charging excessive fees on more than two million superannuation accounts, setting up another potential class action beauty pageant.
Mortgage provider and Brisbane Broncos sponsor Firstmac has hit fintech giant Zip Co with a lawsuit for allegedly infringing its “Zip” trade mark.
ANZ Bank has secured a stay of the corporate cop’s civil penalties proceeding over disclosures related to its $2.5 billion equity capital raising while it fights criminal cartel charges related to the controversial share placement.
An appeals court has tossed a challenge to the dismissal of an investor class action against the Public Trustee of Queensland over a failure to predict the 2008 collapse of Gold Coast-based finance group Octaviar, finding that the class had run a case based on allegations outside of its claims.
The approval of a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG has been postponed to allow time to notify creditors and unitholders that they won’t see a cent, an outcome the judge called “a long way from litigation in any traditional sense”.
The law firm running a cartel class action alleging manipulation of foreign exchange rates by five global investment banks is teaming up with the same lead applicant that represented group members in the price-fixing case against major international airlines.
Law firm Quinn Emanuel Urquhart & Sullivan has followed through on its threat to appeal a high stakes ruling that shut down its shareholder class action against AMP, along with two competing cases, after a two-day beauty parade that saw rival firm Maurice Blackburn take the prize.
The Australian Securities and Investments Commission has asked a court to impose penalties of up to $36 million on an AMP subsidiary for failing to take reasonable steps to stop its representatives from churning life insurance policies.
ANZ Bank will not pay a cent to franchisees in its settlement of two class actions that allege the bank breached its responsible lending obligations and engaged in unconscionable conduct by giving loans to purchasers of 7-Eleven franchises.