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A Federal Court judge overseeing a class action against IG Markets over risky financial products has questioned whether courts should take a “more robust” approach to avoid the “nonsense” of competing class actions, amid the threat of a second class action being filed in the Supreme Court of Victoria.
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.
ASIC has won orders declaring that Gold Coast-based BHF Solutions and Cigno needed a credit licence to issue loans to hundreds of thousands of customers, after the High Court tossed a challenge by the payday lenders.
The applicants in competing class actions against Downer EDI have set out their proposals for the courts overseeing the cases, with two calling for orders staying the proceedings of their rivals, and another seeking consolidation.
Pet and livestock drug company Zoetis, which successfully defended a class action over its horse vaccine Equivac, is pressing forward with its claim against the legal team that ran the unfunded case, seeking to recover $500,000 of its $3.8 million legal bill.
A class action against AGL Energy alleges the Big three energy supplier's adoption of "gaming" strategies in the supply of electricity in South Australia led to anomalous price spikes in the state.
Multiple class actions against Downer EDI over accounting irregularities might be bound for the High Court as complex legal questions swirl, a judge said on Wednesday.
More class action law firms have pounced on Downer EDI's "accounting irregularities" that led to the company overstating profits by up to $40 million.
IG Markets has been hit with a class action on behalf of up to 20,000 everyday investors who have allegedly lost hundreds of millions of dollars trading in risky financial products known as contracts for difference, or CFDs.
Infrastructure services company Downer EDI has been hit with a second shareholder class action following revelations of accounting irregularities that sent its share price tumbling.