A litigation funder has reaped $7.5 million from the sale of a 20 per cent stake in a shareholder class action against the Commonwealth Bank of Australia over the bank’s allegedly lax money laundering compliance.
The law firm that lost the first ever application for a group costs order in class actions against ANZ and Westpac has indicated it will revive its bid, tweaking a retainer agreement with group members in hopes of winning the court’s approval this time.
A judge has signed off on a $56.3 million settlement in a class action against wealth manager Colonial First State that will see Maurice Blackburn earn $14.5 million in costs, saying it was a good example of the class action regime in operation.
Network Ten has moved to strike out claims that it’s Canberra bureau, led by high profile political reporter Peter van Onselen and executive editor Anthony Murdoch “was a workplace that was hostile to women.”
Macquarie Leasing has been let off the hook in a class action alleging that a flex commissions scheme by ANZ’s former car finance business encouraged dealers to set car loan rates far in excess of base rates in exchange for large kickbacks.
Qantas has asked the High Court to reverse a judgment that found it violated the Fair Work Act by axing 1,800 ground staff partly to prevent them from bringing industrial action.
Uber has appealed a ruling that found many of its email exchanges with its lawyers were made in furtherance of offences at the centre of a class action and were not protected by legal professional privilege.
Ernst & Young has settled all claims against it in a shareholder class action alleging the Big Four accounting firm and Pitcher Partners signed off on an overly rosy year-end financial report that failed to disclose risks and impairments associated with the law firm’s disastrous $1.2 billion acquisition of UK insurance claims company Quindell.
A shareholder class action against Treasury Wine Estates has won access to information said to prove there were reduced wine sales in the United States, with a judge finding the wine producer’s redactions of board papers were “not justified”.
A judge overseeing a shareholder class action against Crown Resorts has ordered the casino giant to give details of board members’ knowledge about two bank accounts which were allegedly used to launder hundreds of millions of dollars.