A US-based plaintiffs firm is planning a class action against Westpac alleging it failed to alert investors to significant lapses in its anti-money laundering and counter-terrorism finance compliance, which led to a bombshell lawsuit by AUSTRAC last year.
The entrepreneur who funded one of two settled Murray Goulburn class actions will defend his $10.5 million cut of the $37.5 million settlement, a commission that is under scrutiny by a contradictor appointed by the judge overseeing the case.
Melbourne-based fintech ISignthis and its directors are facing a possible shareholder class action over a December profit downgrade.
A Sydney-based financial advisory firm has been hit with a class action by a group of Chinese investors over a property investment and visa scheme that allegedly saw group members lose $14.5 million in funds.
A year after Commissioner Kenneth Hayne released his scathing report, companies in the financial services sector are still facing fresh class actions over conduct aired at the banking royal commission, and the pace has even picked up in recent months.
Commonwealth Bank’s wealth management unit Colonial First State Investments faces a new class action on behalf of hundreds of thousands of customers who were allegedly charged excesssive premiums on insurance policies.
Crown Resorts has successfully challenged a ruling allowing law firm Maurice Blackburn to communicate with 18 formerly jailed employees to gather evidence in its shareholder class action against the casino giant.
Two National Australia Bank units have been hit with a class action alleging they violated their duties as superannuation trustees by allegedly failing to transfer members to funds with lower fees.
Litigation funder IMF Bentham has shrugged off concerns about the High Court’s recent ruling on common fund orders, telling investors that it’s in a position to take over some class actions from funders daunted by the prospect of bookbuilding.
Shareholders of collapsed music streaming platform Guvera have filed a class action against an accounting firm seeking to recoup their losses for the firm’s alleged negligence in promoting an investment opportunity in the failed tech company.