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Westpac has lost a bid to keep group members in the dark about the premiums paid for allegedly worthless consumer credit insurance, information the bank said could inflate expectations about settlements worth $126 million reached in three class actions.
Westpac has objected to several proposed notices going out to group members in a class action over ‘junk’ consumer credit insurance, which three of the Big Four banks have agreed to pay $126 million to settle.
Three of the Big Four banks have agreed to pay a total of $126 million to settle class actions on behalf of up to one million customers who were sold consumer credit insurance.
A judge has signed off on a group costs order in a shareholder class action against food company Noumi and auditor Deloitte guaranteeing group members a return of at least 78 per cent, but noted the law firms' cut may need to be reviewed to avoid a "disproportionate return".
The Star Entertainment Group has been served with a second shareholder class action over disclosures relating to its anti-money laundering controls, a month after it was slapped with a $100 million fine.
A judge has approved a $41 million settlement in a shareholder class action against Pitcher Partners but has reduced the funder’s cut to $11.5 million after resolving a feud with the lead applicant over how much it should receive for taking the case to trial.
A judge has cast doubt on whether a class action against the state of NSW over police strip searches at 50 music festivals should be run as a representative proceeding, telling the state to decide whether to file a de-classing application “sooner rather than later”.
Two class action firms have refused to provide an undertaking that would fix the rate of their contingency fee in a consolidated shareholder class action against food company Noumi and auditor Deloitte over $590 million in accounting irregularities.
Medical glove maker Ansell is facing a shareholder class action investigation over a January earnings downgrade that sent the company's share price plummeting.
Insurer QBE has settled a class action over ANZ's sale of allegedly worthless add-on insurance, and the applicants are “hopeful” that the bank and two other named insurers will soon reach a deal to resolve the claims against them.