The judge weighing a record settlement in multiple class actions against S&P Global over toxic financial products said Tuesday there was “no way” he would sign off on the deal while it stipulated that all funds be returned to the ratings agency in the event the settlement amount is disclosed.
AMP has hit back against claims in the first of multiple class actions it faces, saying its practice of charging fees for no service did not warrant disclosure to shareholders. And despite sacking its GC for the extent of his exchanges with Clayton Utz over a report into the practice, the company now says the number of interactions was exaggerated.
A tribunal has set aside a life-long ban of a successful former ANZ financial advisor accused by ASIC of lying about his qualifications, saying the advisor’s “insight into his own behavior” had changed.
Macquarie Bank has been hit with a third lawsuit by financial advisers alleging the bank broke the law by paying them solely in commissions, this one by a dozen Brisbane-based advisers seeking more than $3.25 million in regular wages.
The judge overseeing the administration of Provident Capital has invited debenture holders to object to the company’s receivers staying on after their firm completes its merger with PricewaterhouseCoopers, Provident’s former auditor which has also been named as a cross-defendant in two class actions over Provident’s collapse.
The firm running the class action against Fitch Ratings over SCDO products has been given the go ahead to add claims of fraud and deceit after lawyers allegedly unearthed a hidden mathematical table the agency used in assigning ratings to the toxic financial products.
Lawyers in the turf war over five competing AMP class actions have agreed to a temporary peace accord after the battleground edged close to the realm of the absurd, with a threatened anti-anti suit injunction being met with calls for an anti-anti-anti suit injunction.
Cash Converters has been asked to produce data on individuals that it provided payday loans to in Queensland in a class action alleging it charged a brokerage fee to borrowers for services they never received.
A Sydney lawyer accused in a class action of conspiring with notorious conman Peter Foster in a fraudulent sports betting scheme that left investors $29 million out of pocket was taken in by Foster’s “psychological brilliance”, her barrister told a court Thursday.
The litigation funder behind the Federal Court’s precedential ruling that established the first common fund order in an Australian class action agreed to cuts its rates as part of negotiations that resulted in the $132.5 million settlement of the class action against QBE Insurance.