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Law firms avoid courtroom showdown with novel CBA class actions deal
Class Actions 2018-11-21 11:36 pm By Cat Fredenburgh

Maurice Blackburn and Phi Finney McDonald have sidestepped a competing class action battle in the high-stakes litigation against Commonwealth Bank of Australia over alleged breaches of money laundering laws, with the firms proposing to jointly lead a consolidated class action against the bank.

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Bannister Law off another class action
Class Actions 2018-11-21 9:03 pm By Cat Fredenburgh

Bannister Law has stepped down from leading a shareholder class action, the second major class action the firm has recently handed over to a rival firm without explanation.

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Dick Smith shareholder must join class action to pursue claims, judge says
Class Actions 2018-11-20 11:17 pm By Cat Fredenburgh

A Dick Smith shareholder has lost his bid to bring a separate proceeding against the failed home goods retailer while two class actions are afoot.

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GetSwift judge had power to stay competing class actions, Full Court rules
Appeals 2018-11-20 11:21 am By Christine Caulfield

The Full Federal Court has dismissed a challenge to a ruling that chose one of three shareholder class actions to proceed against GetSwift, saying the court had the power to permanently stay competing cases. But an injunction blocking the losing law firms from communicating with clients was going too far, it said.

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GetSwift ruling to offer roadmap for competing class actions
Appeals 2018-11-19 9:18 pm By Christine Caulfield

A groundbreaking judgment by the Full Federal Court over competing class actions will be handed down Tuesday morning and is expected to give judges much needed guidance on how to move forward when confronted, as they increasingly are, with multiple proceedings over the same alleged misconduct.

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Ex-CFO said Rio Tinto reserve write down would be ‘worse by far than expected’, ASIC claims
Corporate 2018-11-13 11:21 pm By Cat Fredenburgh

The Australian Securities and Investments Commission claims Rio Tinto’s former CFO was referring to the write down for the reserves for two coal assets that were part of a $4 billion acquisition of Rio Tinto Coal Mozambique when he sent an email to the company CEO in January 2012 that contained the phrase “worse by far than expected”.

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Crown shouldn’t keep jailed ex-employees silent, court told
Class Actions 2018-11-12 8:39 pm By Christine Caulfield

An attempt by Crown Resorts to block ex-employees from talking to class action lawyers about the casino giant’s thwarted business in China was contrary to the public interest, a judge heard Monday.

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ASIC strips AGM of financial services licence
Financial Services 2018-11-09 8:56 pm By Cat Fredenburgh

Retail OTC derivative issuer AGM Markets has had its financial services licence canceled, after ASIC found it engaged in unconscionable conduct and failed to manage conflicts of interest.

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Quintis class action lawyers want to peek at insurance docs
Class Actions 2018-11-08 2:58 pm By Christine Caulfield

Lawyers leading a class action against Quintis want the failed sandalwood oil producer to hand over evidence of any insurance policy that could cover the company and its founder for damages sought in the case.

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Bank of Queensland loses fight with insurer over $6M class action settlement
Insurance 2018-11-07 10:22 pm By Cat Fredenburgh

Bank of Queensland has lost a dispute with two insurers over coverage for a $6 million settlement of a class action brought by investors in a Ponzi scheme by jailed scammer Bradley Sherwin, with a judge shooting down the bank’s argument that the class action should only be considered one claim under the policy.

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