A judge overseeing a consolidated class action against four AMP subsidiaries and two trustees over allegedly excessive superannuation fees has ordered the respondents to coordinate after the lead applicants raised concerns about duplication of work.
A Federal Court judge has signed off on an $18 million settlement in a shareholder class action against UGL over its Ichthys power plant disclosures under which $8 million will be distributed to shareholders.
Westpac is facing a class action on behalf shareholders in three countries over its alleged anti-money laundering and counter-terrorism financing breaches and disclosures.
The Australian Securities and Investments Commission has taken legal action against National Australia Bank alleging thousands of violations of the law through its fees for no service conduct, exposing the bank to the risk of significant penalties.
The applicants in a group of class actions over defective Takata airbags are pushing ahead with a challenge to the power of the NSW Supreme Court to issue class closure orders in the aftermath of a High Court decision shooting down common fund orders, a fight that could send the cases back to the High Court.
The Australian Securities and Investments Commission has taken legal action on another referral from the banking royal commission, dragging life insurer TAL to court for allegedly engaging in misleading and deceptive conduct in its handling of a claim for coverage.
The Australian Prudential Regulation Authority has flagged potentially “substantial gaps in risk governance” by Westpac as it formally kicked off an investigation into the bank and its executives for potential breaches of the Banking Act.
The judge overseeing a conflicted remuneration class action against Suncorp has allowed the class to bring an unconscionable conduct claim, but put the kibosh on the plaintiff’s use of the phrase ‘inter alia,’ saying “only I get to use Latin”.
German cladding manufacturer 3A Composites has again threatened to call for the de-classing of a class action brought over allegedly combustible cladding, slamming the case against it as “simply shambolic” and the conduct of the applicant as “utterly irresponsible”.
A self-imposed cap on legal fees and a reduced funding cut of a $16.5 million settlement in a class action against failed construction company Forge Group was the right call by the law firm and the funder behind the case, a judge has said in his reasons for approving the deal.