While CBA’s defence to a shareholder class action argues the bank did not need to disclose money laundering failures because it doubted AUSTRAC would take legal action, communications show it was drafting a defence six months before proceedings started, a trial has heard.
The Commonwealth Bank of Australia knew about a “catastrophic” code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.
The Commonwealth Bank of Australia faces trial Monday in one of several class actions filed against a major Australian company in recent years over allegedly lax money laundering practices and disclosures.
Fintech iSignthis has dropped a $464 million lawsuit brought against the Australian Stock Exchange three years ago over allegedly misleading conduct in relation to the suspension of the company’s shares.
Swiss pharmaceutical company Biogen and Australian generic drug maker Pharmacor have dropped their claims against one another in a lawsuit over the patent for MS drug Tecfidera. In an October 14 order by Federal Court Justice Helen Rofe, Biogen’s infringement claims and Pharmacor’s cross-claims seeking to invalidate the lucrative patent were discontinued by consent without…
Uber has lost its challenge to a decision that found many of its email exchanges with lawyers were made in furtherance of offences at the centre of class action claims and were not protected by legal professional privilege.
Digital giant Meta can access information on crypto tokens issued to fund a class action over Facebook’s ban on cryptocurrency ads, but the identities of those who have bought the tokens can be kept under wraps.
A class action on behalf of Dixon Advisory clients with claims allegedly worth $463 million has won orders that the collapsed wealth manager disclose its insurance for liability in the proceedings. Its bid for orders that two insurers produce any relevant policies was unsuccessful.
Facebook owner Meta wants to uncover the basis on which crypto tokens have been issued to bankroll a class action over its 2018 ban on cryptocurrency ads, citing the potentially conflicted interests of the self-represented lead applicant.
In a boost to shareholder class actions, the High Court has dismissed an application by engineering services firm Worley to appeal a finding that companies should disclose to the market forecasts that ought reasonably to have been held.