The Federal Government will introduce legislation Thursday that would ban the grandfathering of conflicted remuneration for financial advisors, after the banking royal commission suggested scrapping the practice.
A NAB-owned trustee is facing a possible class action over $100 million in allegedly excessive fees charged to super fund members.
German-based cladding manufacturer 3A Composites has foreshadowed potential cross claims against third party engineers and certifiers in one of two class actions brought over allegedly dangerous combustible cladding used in countless buildings across Australia.
Noting the “significant and beneficial reduction” in recent funding rates, the judge overseeing a shareholder class action against recycling company Sims Metal Management has signed off on an order capping the commission of the funders at 25 per cent of any net proceeds and setting a minimum 50 per cent of any recovery for group members.
A unit of Suncorp Group has been hit with a class action over superannuation fees and charges, the eighth banking royal commission-related class action filed thus far.
While no means a flood, the class actions filed in response to the shocking evidence of misbehaviour at last year’s banking royal commission have been steadily flowing and show no signs of drying up. Here, we give you the round-up of cases launched so far, the latest developments in each, and what’s coming down the pipeline.
A second combustible cladding class action has been launched, this time against Fairview Architectural, the Australian manufacturer of Vitrabond polyethylene cladding, which it claims has been used at major Australian airports, entertainment facilities and government buildings.
The Federal Court has approved a $14.6 million class action settlement with private training company Ashley Services, auditors Deloitte and Grant Thornton, and Holmes Management Group, with IMF Bentham set to pocket around $4.8 million for funding the litigation.
A judge has allowed the applicant in a class action over allegedly dangerous combustible cladding to sue a German-based cladding manufacturer, saying there was a prima facie case the company violated the Australian Consumer Law.
Australian distribution firm Halifax Vogel has struck back at a class action alleging it violated consumer laws with its representations regarding the quality of Alucobond cladding, denying that the cladding puts buildings and their occupants at risk of harm or death from fire.