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A Federal Court judge has ordered Westpac to pay a $9.15 million penalty after one of its financial advisers breached the best interests duty by giving customers bad advice that resulted in millions in losses.
Fight to lead Monsanto class action could be on the cards
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A beauty contest to lead a class action against Monsanto over its allegedly cancer-causing weedkiller Roundup could be on foot, with the US chemical giant now facing one class action in the Federal Court and another in the Victorian Supreme Court.
ACCC flags competition concerns in Bauer’s $40M takeover of Pacific Magazines
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The Australian Competition and Consumer Commission has raised preliminary competition concerns about Bauer Media’s planned $40 million acquisition of Pacific Magazines, a deal that would combine Australia’s two largest magazine publishers, saying competition needs to be preserved even in declining markets.
Funder of stolen wages class action fights to keep common fund order alive
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Arguing it shouldn’t be the victim of an “accident of timing”, the funder that bankrolled the landmark stolen wages class action is fighting to save a common fund order granting it 20 per cent of a $190 million settlement in the case, despite a recent High Court judgment shooting down the orders.
Pelvic mesh cases remind judge of the days when ‘mobile phones resembled house bricks’
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A Federal Court judge has frowned on a bid to transfer 12 individual cases over allegedly defective pelvic mesh to various state and territory courts, saying the manner in which the cases had been brought reminded him of the 1990’s when “mobile phones resembled house bricks” and suggesting the cases could be brought as a class action.
Judge tells AMP units to cooperate in superannuation class action
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A judge overseeing a consolidated class action against four AMP subsidiaries and two trustees over allegedly excessive superannuation fees has ordered the respondents to coordinate after the lead applicants raised concerns about duplication of work.
Country Care criminal trial date in jeopardy as defence calls for Full Court review
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A six-week trial scheduled for February in a criminal cartel case against mobile equipment provider Country Care Group could be vacated a second time as lawyers for the defendants seek to appeal the judge’s planned directions to a jury in the groundbreaking case.
Judge signs off on $18M UGL class action settlement
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A Federal Court judge has signed off on an $18 million settlement in a shareholder class action against UGL over its Ichthys power plant disclosures under which $8 million will be distributed to shareholders.
Westpac hit with first class action over AUSTRAC scandal
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Westpac is facing a class action on behalf shareholders in three countries over its alleged anti-money laundering and counter-terrorism financing breaches and disclosures.
NAB faces ASIC wrath with second fees for no service case
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The Australian Securities and Investments Commission has taken legal action against National Australia Bank alleging thousands of violations of the law through its fees for no service conduct, exposing the bank to the risk of significant penalties.