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A judge has rejected a proposed common fund order in the settled KPMG class action, saying the funder’s commission was “arguably excessive” and could result in a “stratospheric” return to the firm.
‘Guinea pig’ judge pushes off Country Care cartel trial to next year
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A six-week trial set to start in October in the cartel case against mobility equipment provider Country Care Group has been vacated and rescheduled to next year, as the judge overseeing the case quipped that he was either the “canary or the guinea pig” in the landmark criminal proceeding.
RMBL exec told class members he hoped they would opt out of case, court told
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Customers of mortgage lending and investment firm RMBL say they were “shocked” when the company’s chief financial officer allegedly called them to say “he hoped” they would opt out of an excessive fees class action that had been filed against the firm.
Icon sues insurers for $11M in coverage for Opal Tower saga
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Construction group Icon Co has dragged insurers Liberty Mutual Insurance and QBE Underwriting to court for allegedly refusing to provide coverage after the Opal Tower disaster in December last year, which led to thousands of residents being evacuated.
Government to introduce ban on grandfathered commissions
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The Federal Government will introduce legislation Thursday that would ban the grandfathering of conflicted remuneration for financial advisors, after the banking royal commission suggested scrapping the practice.
NRL says Telstra wanted ‘tough action’ following player scandals
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The National Rugby League has revealed major sponsor Telstra demanded “tough action” after the so-called “Summer of Hell” of player scandals, as it attempts to defend its no fault stand-down rule in an appeal launched by Dragons player Jack de Belin challenging his suspension.
Opal Tower unit owners launch multi-million dollar class action
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A class action has been filed against a NSW state government-controlled entity over Sydney’s scandal-plagued Opal Tower, in a claim that is expected to seek millions of dollars of compensation on behalf of hundreds of apartment owners.
Ex-Tennis Australia’s Harold Mitchell wants ASIC’s evidence from deceased former director
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Ex-Tennis Australia director Harold Mitchell, facing enforcement action by ASIC alleging he breached his duties in awarding Australian Open broadcast rights to the Seven Network, has asked a court for all evidence the regulator obtained from former board member Graeme Holloway, who died in February.
Stock exchange must hand over docs after investment firm’s suspension
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A judge has given the all-clear to an investment management company to access evidence for potential legal action against the National Stock Exchange of Australia after the firm’s shares were suspended without warning or explanation.
Landmark offers to shed stores to win ACCC blessing for $469M Ruralco takeover
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Rural supply giant Landmark’s has offered to sell three stores to win Australian Competition and Consumer Commission approval for its proposed $469 million takeover of competitor Ruralco, a move that would consolidate two of the three largest players in the rural merchandise market.