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S&P Global will pay $215 million to settle six consolidated class actions brought by investors over toxic CDOs, a figure revealed by the Federal Court on Thursday despite calls that it be kept secret.
AMP has prevailed in a hard-fought fight over where it will defend five shareholder class actions brought in the wake of the Banking Royal Commission, in a precedent-setting judgement that provides a road map for future jurisdictional battles over competing class actions.
The Commonwealth Bank of Australia and other lenders have been warned by the corporate watchdog against a "tick-boxes" approach to reviewing reverse mortgage applications by elderly home owners.
A judge refused Tuesday to step down from two cases brought by Bendigo and Adelaide Bank seeking to claw back loans from group members in a settled class action over Great Southern Group's managed investment schemes, saying no apprehension of bias could arise.
Correspondence to a law firm revealing a client's identity was covered by legal professional privilege because the firm's advice was contingent on the client providing his name, a court has ruled.
The Commonwealth Bank of Australia is seeking to strike out portions of a shareholder class action over allegedly lax anti-money laundering and anti-terrorism financing controls it calls a "vague penumbra" that leaves the bank in the dark about the case against it.
The Public Trustee of Queensland asked a court Wednesday for indemnity costs from a global litigation funder its says was the "real moving force" behind a dismissed investor class action it called a "nakedly speculative venture".
The High Court has granted special leave to appeal a lifelong ASIC ban to a broker a judge once described as "loose with the truth" and as carrying a "massive bag of dishonest conduct" with him.
The corporate watchdog is planning to launch legal action soon over the banking industry's fees for no service, and expects to secure $1 billion in compensation for customers, the Royal Commission heard Friday.
Westpac admits that it violated the Corporations Act by awarding high performance marks to a financial adviser whose work was flagged for compliance concerns during several internal reviews.