Two failed class actions against CBA claim a judge used a “far too onerous test” for materiality in deciding whether the bank should have told the market about deficiencies in its anti-money laundering systems.
A concurrent group proceeding in Hong Kong could complicate an Australian class action against Perth-based forex trader Best Leader Markets Pty Ltd.
An appeals court has backed a decision by six Rio Tinto units to refuse delivery of alumina to Russia’s largest aluminium producer because it would run afoul of sanctions imposed after Russia invaded Ukraine.
The CDPP and ASIC have succeeded in staying Clive Palmer’s case challenging the lawfulness of a seven-year-old examination, with a judge finding it would fragment criminal cases against the mining magnate.
Big Four bank ANZ and superannuation trustee OnePath will pay $50 million to settle a class action brought on behalf of super members allegedly charged excessive fees.
ANZ has lost its appeal of a landmark decision finding it breached continuous disclosure rules by failing to disclose a $750 million bailout by underwriters during a $2.5 billion capital raising.
A settlement has been reached on the eve of trial in a class action against ANZ and OnePath alleging they slugged super fund members with excessive fees.
The ex-chair of former ANZ unit OnePath “has not been cooperating” in a class action alleging it breached its duties as a trustee of superannuation funds by slugging members with excessive fees to pay commissions to financial advisers, a court has heard.
A judge has warned two law firms competing to run a class action against IC Markets over risky contracts-for-difference that it will be held against them if they take a “holding position” on their funding proposals and attempt to negotiate their bids down later.
The liquidators of collapsed engineering company Hastie Group have lost their bid to appeal a decision that knocked out half its $120 million case against Multiplex, Lendlease and numerous other builders.