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ANZ Bank New Zealand has lost its bid to appeal a ruling that common fund orders can be made in class actions, including at an early stage of the proceeding,
Maurice Blackburn is stuck paying $5.4 million in security in a flex commissions class action against Macquarie, with a judge saying it represents a “business risk willingly undertaken”.
A third person has been sentenced in connection with the Courtenay House Ponzi scheme, which swindled $180 million from hundreds of investors.
A class action against Toyota Finance has argued it can add new claims that are out of time because Victorian courts cannot factor in the loss of limitations defences in deciding whether to allow amendments.
A judge has found that representatives for forex broker Union Standard used unfair tactics to pressure customers to invest in risky financial products and derived most of their revenue from customer losses, said to total $83 million.
A judge has approved a $57.5 million settlement in a class action against ANZ over credit card interest, including allowing the funder to recoup $1.2 million in after-the-event insurance costs.
A judge has set a final deadline for the CEO of International Capital Markets to file his defence in a class action over risky contracts for difference.
ASIC has sued credit contractor Swoosh Finance for allegedly providing unsuitable loans with high fees and interest rates to customers who showed "clear signs of financial distress".
Crypto firm Binance deprived hundreds of customers of consumer protections by misclassifying them as wholesale clients and allowing them to buy risky derivatives, ASIC says.
The trustee for Active Super has argued against a $13.5 million penalty proposed by ASIC for greenwashing, saying the tax burden would impact on its members.