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Fintech founder to pay for judge to fly to UK for testimony of ex-Visa boss
Competition & Consumer Protection 2018-11-02 3:02 pm By Christine Caulfield

The founder of a fintech company suing Visa for allegedly abusing its market dominance is flying a Federal Court judge to the UK to preside over the examination of a key but reluctant witness in the case, former Visa boss Rupert Keeley.

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Funder’s cut, legal fees in $64M Banksia settlement rejected on appeal
Appeals 2018-11-01 4:51 pm By Cat Fredenburgh

An appeals court has rejected the funder’s commission and legal fees stemming from a $64 million settlement in litigation over the failure of Banksia Securities, but granted approval to the settlement.

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Westpac life insurance class action stayed pending landmark appeal
Financial Services 2018-10-29 9:54 pm By Miklos Bolza

A class action against Westpac over allegedly excessive insurance premiums has been put on ice after funder JustKapital filed an application to stay the case in the wake of the bank’s appeal challenging the court’s power to make a common fund order.

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ANZ to get ASIC probe docs in $2.5B share placement case
Securities 2018-10-26 10:20 pm By Cat Fredenburgh

ASIC has been given a little over a month to provide ANZ with documents it collected during the course of its investigation into a $2.5 billion ANZ share placement, as the bank, which is facing a related criminal cartel case, mulls whether to file an application to stay the regulator’s action.

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Westpac fights Deloitte subpoena in life insurance class action
Class Actions 2018-10-24 9:35 pm By Miklos Bolza

Westpac is contesting a subpoena in a class action over allegedly excessive life insurance premiums for documents from Deloitte that may reveal how the bank chose the policies it offered.

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Court urged to reject $35M Westpac settlement with ASIC
Financial Services 2018-10-24 8:17 pm By Miklos Bolza

Former Solicitor-General Justin Gleeson, SC, told a Federal Court judge Wednesday to reject a proposed $35 million deal between ASIC and Westpac, saying the bank should pay at least $100 million if it committed the responsible lending breaches alleged by the regulator.

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Slater and Gordon wins $12.7M in fees in Provident class action
Class Actions 2018-10-23 6:36 pm By Miklos Bolza

The NSW Supreme Court has approved a $44.25 million settlement of two class actions against the trustees of failed debenture issuer Provident Capital, including $12.8 million in legal fees for Slater and Gordon and $4.3 million for funder Litman Holdings.

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Cash Converters to pay $16.4M to settle consumer class action
Class Actions 2018-10-22 1:48 pm By Cat Fredenburgh

Cash Converters has reached a settlement on the eve of trial in one of two consumer class actions alleging it engaged in unconscionable conduct by imposing high interest rates on short-term loans.

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Funder spars with judge as Westpac’s common fund challenge looms
Class Actions 2018-10-19 10:56 pm By Miklos Bolza

The litigation funder at the centre of a challenge by Westpac to the Federal Court’s power to make common fund orders faced a fiery judge in a tense exchange Friday, after it revealed it was weighing a bid to pause a class action against the bank until after the appeal.

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PwC gets court ok to file lawsuit against Vocation
Class Actions 2018-10-19 1:54 pm By Cat Fredenburgh

PriceWaterHouse Coopers has received the green light to launch court action to pursue its cross claims against failed educational training company Vocation.

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