Westpac is now facing at least eight class actions in various US courts seeking $200 million from the bank for allegedly failing to alert shareholders to violations of anti-money laundering laws.
After failing to persuade the court at trial, shareholders in a class action against Myer have another chance to prove they suffered financial loss after the department store was found to have repeatedly neglected to correct an inflated profit forecast from former CEO Bernie Brookes five years ago.
A division of the CFMEU has criticised a court ruling barring members from industrial action against stevedoring giant DP World Australia Group, calling it an “alarming attack on democratic rights”.
A sideshow evidentiary dispute in a committal hearing in a landmark criminal cartel case against ANZ and two investment banks has drawn to a close, but not before testing the patience of a magistrate, who warned her ruling would be far from a “Rolls Royce decision”.
JPMorgan has taken ANZ to task for its “heroic endeavours to create an air of suspicion” around the conduct of ASIC and the ACCC prior to the filing of a landmark criminal cartel case, slamming the allegations as purely speculative.
A judge overseeing the first of what could be many shareholder class actions over Westpac’s anti-money laundering breaches — brought by class action specialists Phi Finney McDonald — has given other law firms a three-week deadline to notify the court if they plan to file competing proceedings.
Westpac is facing its first shareholder class action in the US following revelations that it violated anti-money laundering and counter-terrorism finance laws on more than 23 million occasions, in the first lawsuit to point the finger at the company’s executives.
Facing a class action by shareholders alleging negligence over advice to Slater & Gordon, law firm Arnold Bloch Leibler is bringing proceedings against its former client to use files in defence of the case.
Treasury Wine Estates may be hit with a shareholder class action following a recent surprise earnings downgrade that led to a drop in the company’s share price.
A barrister and former associate director of a boutique Melbourne law firm has brought legal action alleging the firm wrongfully terminated his employment after he complained about a “culture of staff going behind people’s backs”.