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Defending a class action alleging its vehicle warranties were worthless, a unit of car leasing company McMillan Shakespeare said it has paid out claims to more 3,600 drivers, and was obligated to consider each claim "on its merits".
A judge has found the former director of Sydney-based insolvency practice CRS Warner Kugel is entitled to compensation after he was "ambushed" out of the firm in 2014.
The Federal Court has thrown out a proposed $35 million settlement between ASIC and Westpac over responsible lending breaches, saying the agreement was "unworkable" and left the court in an "information vacuum".
A judge has adjourned an application by law firm Slater & Gordon for a common fund order in a class action against the Commonwealth Bank and its wealth management unit, amid two landmark challenges to the courts' powers to make such orders.
Litigation funder Regency Funding has sought leave to intervene as a major player in one of two challenges to the courts' powers to issue common fund orders in class actions, but it might have a fight on its hands.
Retail OTC derivative issuer AGM Markets has had its financial services licence canceled, after ASIC found it engaged in unconscionable conduct and failed to manage conflicts of interest.
Westpac has been ordered to pay a $3.3 million penalty for engaging in unconscionable conduct when it traded in bank bills in an attempt to influence the benchmark Bank Bill Swap Rate on four occasions, with a Federal Court judge admitting the fine was "inadequate."
Two far-reaching appeals challenging the court's power to order all members of an open class action to pay a litigation funder will be heard together, and soon, the Federal Court's top judge said Thursday.
Bank of Queensland has lost a dispute with two insurers over coverage for a $6 million settlement of a class action brought by investors in a Ponzi scheme by jailed scammer Bradley Sherwin, with a judge shooting down the bank's argument that the class action should only be considered one claim under the policy.
The Australian Securities and Investments Commission has secured almost $9 million in penalties against Melbourne-based Financial Circle over a scheme to extract advice fees and ongoing commission from borrowers who took out personal loans.