Online trading platform IG Markets is facing more scrutiny over its marketing of risky financial products, with a third law firm investigating a class action for everyday investors who have lost money.
As the spotlight on class action costs grows, litigation funders can expect increased judicial scrutiny of their attempts to pass on the cost of after-the-event insurance premiums to class action members.
ANZ will no longer contest liability at trial in a case by the regulator over more than $10 million in cash advance fees charged to the credit card accounts of hundreds of thousands of customers.
A fed-up judge has vented his frustration with the problem of competing class actions in a move that appears to punish the second filed case against Medibank. But is he right that the courts are increasingly being asked to deal with duplicative proceedings? And was his order really all that drastic?
Automotive electronics company Directed Electronics is set to claw back $3.27 million in commission payments made to a former manager through a secret side agreement with South Korean giant Hanhwa, with a ruling on damages still to come in the five-year case.
A judge aggrieved by the “plague” of competing class actions in the courts has temporarily stayed a second data breach class action against Medibank, and directed the health insurer to ask the privacy commissioner to drop the investigation of a third case.
Car electronics company Directed Electronics has challenged a ruling that partially dismissed its case over the alleged misappropriation of trade secrets by a former manager, who was found to have pocketed $3.6 million in commissions through a secret agreement with rival Hanhwa.
Australia’s largest private health insurer Medibank has been hit with a shareholder class action in the wake of a massive cyberattack that left the data of 10 million customers exposed.
A judge overseeing a class action against Colonial First State Investments has raised concerns about a $655 million dividend to CBA, questioning whether group members’ recovery could be in danger.
The question of whether judges have the power to hear employment cases as representative proceedings is headed to the Full Court after a union raised the issue as it battles to have its underpayments case against McDonald’s run instead of a Shine Lawyers class action.