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ACCC swipes at Mastercard for alleged interchange rate agreement with retailers
Competition & Consumer Protection 2022-05-30 1:18 pm By Cat Fredenburgh

The ACCC has taken Mastercard to court for allegedly misusing its market power by giving major retailers discounted interchange rates in exchange for them agreeing to process their debit card transactions through Mastercard instead of the cheaper eftpos network.

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ANZ wrongly slapped customers with cash advance fees, ASIC claims
Financial Services 2022-05-30 11:17 am By Cat Fredenburgh

The Australia and New Zealand Banking Group hit hundreds of thousands of customers with cash advance fees after providing them with incorrect account balances, and the Big Four bank has still not rectified the problem, ASIC alleges in new civil penalty proceedings.

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EY settles class action claims over Slater & Gordon audits
Class Actions 2022-05-26 10:49 pm By Cat Fredenburgh

Ernst & Young has settled all claims against it in a shareholder class action alleging the Big Four accounting firm and Pitcher Partners signed off on an overly rosy year-end financial report that failed to disclose risks and impairments associated with the law firm’s disastrous $1.2 billion acquisition of UK insurance claims company Quindell.

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Dover Financial, ex-director mull lawsuit against ASIC
Financial Services 2022-05-26 9:33 pm By Cindy Cameronne

Defunct financial advisory firm Dover Financial and its former director have taken ASIC to court seeking discovery as they mull a potential lawsuit against the corporate regulator.

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MIS regime ‘just cannot work’ for class action funding arrangements, court told
Class Actions 2022-05-25 10:46 pm By Christine Caulfield

A litigation funder challenging a decision underpinning recently enacted rules that require class actions to be registered as managed investment schemes told an appeals court Wednesday the decision was plainly wrong and the regime unworkable.

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Victoria’s triple-zero operator faces class action investigation
Class Actions 2022-05-24 10:30 am By Cat Fredenburgh

Victoria’s Emergency Services Telecommunications Authority may be hit with a class action over alleged systemic failures in its ambulance call handling operations that may have led to at least 15 deaths.

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Forex Capital liquidators win ‘urgent’ order for $69.5M distribution to customers
Restructuring & Insolvency 2022-05-24 5:42 pm By Cindy Cameronne

Forex Capital Trading liquidators have won an “urgent” bid for orders allowing them to distribute $69.5 million to 8,600 former customers of the derivatives trader which allegedly gave misleading advice on products described as “little more than gambling”.

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In victory for class action, judge says bad breast implant claims can advance
Class Actions 2022-05-20 10:45 pm By Cat Fredenburgh

The applicants in a class action against The Cosmetic Institute and twelve doctors over allegedly “incompetent” breast augmentation surgery have won court approval to expand their case to allege misleading and deceptive conduct and breaches of the consumer guarantees in the Australian Consumer Law.

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Shine Lawyers wins battle to run $463M Dixon Advisory class action
Class Actions 2022-05-19 4:24 pm By Sam Matthews

Shine Lawyers has beaten out class action rival Piper Alderman in a battle to lead a class action worth up to $463 million against collapsed wealth managers Dixon Advisory, with a judge finding the firm’s no win, no fee model was likely to result in a greater return to group members.

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a2 Milk hit with another shareholder class action
Class Actions 2022-05-18 5:38 pm By Cat Fredenburgh

a2 Milk is facing a shareholder class action in New Zealand on behalf of investors who allegedly suffered loss when the company’s share price plummeted on the heels of a revised outlook for the 2021 financial year amid challenges in the Chinese market.

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