The failure of two class actions to prove loss linked to the Commonwealth Bank’s disclosure breaches was not the fault of the bank, an appeals court has held in dealing the latest blow to shareholder group proceedings.
Two class actions against Commonwealth Bank have partially succeeded on appeal, with a finding that the bank breached its continuous disclosure obligations, but damages still elude shareholders.
Court approval of a $50 million settlement in a class action against ANZ and superannuation trustee OnePath has been delayed, after 22,000 group members were excluded from an opt-out notice due to a problem with OnePath’s computing process.
The Full Court has granted a cross-appeal by crypto currency provider Block Earner, finding its did not need a financial services licence because its crypto product is not a financial product.
Russian company UC Rusal wants the High Court to hear its appeal of an “extremely harsh” finding that Rio Tinto was entitled to refuse alumina deliveries due to export sanctions.
The Full Court has heard that a judge’s finding on materiality in two failed shareholder class actions against CBA could have “troubling” repercussions for insider trading cases and must be overturned.
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.