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NAB unit NULIS Nominees was not only allowed to charge superannuation fund members fees for adviser commissions, it was "obliged" to do so, a court has heard during a class action trial over alleged conflicted remuneration.
A class action against a director of defunct financial services firm Hodgson Faraday is headed to the High Court after seven years of litigation, with the director appealing findings that he was involved in misleading South Korean investors.
NAB unit NULIS Nominees was “hopelessly conflicted” in continuing to charge allegedly unlawful adviser commissions to superannuation fund members, a court has heard on the first day of a class action trial.
Two law firms that were able to "work cooperatively" to join their cases have been awarded carriage of a shareholder class action against mining firm Downer EDI. The judge overseeing the proceedings also approved a group costs order application that proposed a "reasonable rate" of return to the firms.
A judge has approved a common fund order awarding $6.88 million to the funder behind a class action against Fonterra that settled for $25 million, opting not to wait for a much-anticipated appeals court ruling on the power to make CFOs at settlement.
The runner-up in a contest to administer Johnson & Johnson's $300 million settlement of two pelvic mesh class actions has lost a challenge to a decision awarding the prize to the team of Slater & Gordon, BDO and the firm of former Shine Lawyers solicitor Jan Saddler.
The field of competitors in a four-way contest to run a shareholder class action against Downer EDI over a $40 million profit overstatement has narrowed with the consolidation of three cases, leaving one firm to face criticism over its comparative inexperience running group proceedings.
IG Markets has been hit with a second class action for offering “highly risky and unsuitable financial products” to retail investors, with a third competing proceeding in the works.
Boutique law firm William Roberts has lured Omni Bridgeway's former managing director for Asia Pacific to grow its litigation team.
The Federal Court has granted a bid by plaintiffs in competing class actions against Downer EDI to transfer their cases to the Victoria Supreme Court, where a four-way contest will take place.