A judge has signed off on Westpac’s $130 million settlement in a class action over flexible commissions paid to car dealers, bringing to an end three cases brought by Maurice Blackburn against lenders.
The corporate cop has cancelled the financial services licence of MWL Financial and banned its director for 10 years for allegedly directing more than 750 clients to invest a combined $155 million into Keystone’s failed Shield Master Fund.
Insurers Bond & Credit Company and Tokio Marine can’t eyeball advice given by Ashurst to lender White Oak in a dispute over the collapse of supply chain finance company Greensill.
Westpac’s defunct mortgage unit RAMS has accused a class action by former franchisees of attempting to “hijack” civil penalty proceedings by the corporate regulator by seeking to intervene in the case.
IC Markets is fighting a class action’s bid for “highly private and confidential” information about possible group members to craft personalised opt-out notices, arguing the information would be safer in the hands of a third-party mailing house than a plaintiff firm given increasing cyberattack risks.
The corporate regulator has brought its first action targeting a superannuation trustee as part of a wide-ranging investigation to claw back $480 million pumped into Keystone’s failed Shield Master Fund.
Lender White Oak has argued it can shield an email that repeats legal advice from Ashurst that was accidentally disclosed to insurers Bond & Credit Company and Tokio Marine, which it has sued over the collapse of supply chain finance company Greensill.
A judge has found that Mastercard can maintain legal professional privilege over a document that was inadvertently sent to the ACCC in 2020 after lawyers at Baker McKenzie had to review 100,000 documents in less than two months.
Online trading platform IG Markets must pay over $5.5 million in damages to a customer, with a court finding a contract term that purportedly allowed it to reverse transactions made in error was unfair.
Online trader Plus500 is seeking to stay a class action on behalf of investors who lost money trading in highly leveraged financial products, telling a court the applicant signed an agreement forcing the dispute into arbitration.