US institutional shareholders who joined a class action against Crown Resorts that settled on the eve of trial for $125 million are urging the Federal Court to slash the funder’s commission by $4.65 million.
The Victorian Gambling and Casino Control Commission has commenced disciplinary proceedings against Crown Melbourne after a royal commission found the casino operator enabled the illegal transfer of funds from China.
Star Entertainment Group has been hit with a shareholder class action for allegedly painting itself as the “cleanskin” of the gambling industry despite alleged lax compliance and links to money laundering and organised crime, amid a damning public inquiry by the gambling regulator that has led to the resignation of its CEO.
The Victorian Gambling and Casino Control Commission has appointed former MinterEllison managing partner Annette Kimmitt as CEO after an “extensive” recruitment process, a year to the month after she was shown the door at the Big 6 firm for her controversial staff emails about a partner’s work for then Attorney-General Christian Porter.
The financial crimes watchdog has brought enforcement action against Crown Mebourne and Crown Perth for what it describe as widespread and serious non-compliance of anti-money laundering and counter terrorism laws.
AUSTRAC has expanded into investigation into Star Entertainment’s compliance with anti-money laundering laws, two months after a third law firm announced a shareholder class action investigation into the casino operator on the back of damning media reports.
Crown Melbourne has been hit with a $1 million fine by the Victorian gaming regulator — the second this year — for failing to comply with rules on junket operators.
The lawyers and funder behind a shareholder class action against Crown Resorts will be asking the court to approve fees and commission worth 35 per cent of a $125 million settlement with the gaming giant, leaving over $81 million for group members.
A judge has directed that the legal fees and funding commission sought to be deducted from a $125 million class action settlement with Crown Resorts be included in a proposed notice to shareholders, after learning that group members were forced to click through to Maurice Blackburn’s website to find the “critical” figures.
The administrators of pokie manufacturer Atlas Gaming, of which former Victoria Premier Jeff Kennett is a major shareholder, are seeking an extension of time to finalise the sale of the struggling business which owes more than $9.5 million to creditors, shareholders and employees.