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The corporate regulator has imposed additional licence conditions on wealth manager IOOF to combat conflicts of interest in the group’s business structure revealed by the banking royal commission.
ASIC wins appeal in Westpac ‘personal advice’ case
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The Full Federal Court has handed the Australian Securities and Investments Commission a win in a high-stakes appeal over what constitutes personal advice under financial services laws, finding Westpac violated its duty to act in its customers best interests through a superannuation rollover campaign.
Woolworths class action funder wants up to 35% of any recovery
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The funder backing a shareholder class action against Woolworths wants a 35 percent slice of any settlement or judgment in the $100 million case, according to its agreement with the applicants.
a2 Milk looks to turn trade mark losses around in Federal Court
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The a2 Milk Company has filed a challenge to a competitor’s winning bid to trade mark a phrase containing “a2”, its third lawsuit in Federal Court looking to reverse losses before the Trade Marks Office.
Federal Court judge to go on cross-country tour for toxic foam class actions
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Federal Court Justice Michael Lee is set to go out in the field on a nationwide tour to personally inspect the military bases and surrounding properties at the heart of three class actions against the Commonwealth of Australia over land contamination from allegedly toxic firefighting foam.
Insurers may get dragged into class action over ‘botched’ breast implants
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Cosmetic Institute director Dr Eddy Dona has flagged that he may drag insurers of his now collapsed medical chain into a class action brought against him and the company over allegedly botched breast implants.
After landmark Myer ruling, settlements in shareholder class actions to stay the norm
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A groundbreaking class action ruling by the Federal Court on Thursday that found Myer misled shareholders and accepted the applicant’s market-based causation theory is the only judgment in an Australian securities class action since the first shareholder case was brought 20 years ago, and it might be the only one for years to come.
Monster Energy fights removal of ‘mother’ trade mark
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Beverage giant Monster Energy has launched a Federal Court challenge to the removal of its ‘mother loaded iced coffee’ trade mark, part of a portfolio of Mother energy drink-related marks acquired from Coca Cola in 2015.
Group members expected to get half of $16.5M Forge class action settlement
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The law firm and funder behind a class action against collapsed engineering and construction company Forge Group, former directors and their insurers, which has now settled for $16.5 million, have proposed cuts that would see $8.25 million left over for distribution to group members.
Judge ‘defies anyone’ to understand confusing Surfstitch opt out notice
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A judge has ordered the legal teams behind two settled Surfstitch class actions to have another crack at the opt out notice, saying the current version is “just too confusing” for group members.