The High Court has denied a special leave application by the former directors of defunct financial advisory Storm Financial, after the Full Federal Court upheld a ruling finding they had breached their duties to eleven vulnerable investors by providing an inappropriate, one-size-fits-all model of investment advice.
A judge has accused the parties in a class action against ANZ over the sale of allegedly worthless insurance of “putting their pens down” and failing to advance the case until a strike out application is resolved.
The prefab concrete specialist behind Sydney’s Opal Tower, which has been targeted in a class action over the ill-fated building, has told a court that a dispute with its insurer should be resolved promptly so that it can defend itself in the proceedings.
Fonterra could bring counter-claims against dairy farmers that brought a class action alleging they were unpaid when the company slashed milk prices in 2016, a court has heard, after debt recovery proceedings by Fonterra against the lead applicants were joined with the class action.
The Australian Securities and Investments Commission spent over $1.8 million in taxpayer funds investigating and prosecuting its now failed responsible lending case against Westpac.
The lead applicant in a class action against two National Australia Bank units for alleged superannuation mismanagement wants the proceedings moved to the Federal Court over concerns the matter cannot run in the Victorian Supreme Court due to a unique statutory carve out.
A 63-year-old partner of Deloitte Touche Tohmatsu is suing the accounting giant and CEO Richard Deutsch alleging the firm’s mandatory retirement policy is discriminatory and has cost him almost $4 million.
Barrister Norman O’Bryan has accepted that he should be struck from the roll of legal practitioners after dropping his defence mid-trial against claims of professional misconduct as senior counsel for a class action financed by the late Mark Elliott, but the consequences for the once high-flying silk might not end there.
Maurice Blackburn did not breach its obligations by using material from a now settled class action against Treasury Wine Estates to draft new class action pleadings against the wine maker, a court has found.
Australia and New Zealand Banking Group and Commonwealth Bank of Australia have lost a third attempt to escape a rate-rigging class action in the US, with a judge calling the banks’ arguments unpersuasive.
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