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Ernst & Young, which has been named in a class action over its auditing of sandalwood producer Quintis, has filed cross-claims alleging Quintis should pick up the tab for any liability it may face in the proceedings.
AIG loses appeal over insolvency exclusion in Kaboko Mining D&O policy
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AIG Australia has failed to convince the Full Federal Court that an insolvency exclusion in a directors and officers policy held by Kaboko Mining should exempt it from covering claims brought by the collapsed mining company against four former executives after a failure to repay a US$5.95 million loan allegedly led to the company’s insolvency.
ACCC rejects Meredith Dairy resale price maintenance plan
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The Australian Competition and Consumer Commission has rejected a resale price maintenance plan by Meredith Dairy that would block resellers from selling its goat cheese products below a specified price, saying the potential harm to competition was not outweighed by any benefits.
$1.1M settlement in Quaker Hill Nursing Home class action wins court approval
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A court has given the green light to a $1.1 million class action settlement with the owners of Sydney’s Quakers Hill Nursing Home over a fire deliberately lit by one of its employees in 2011.
Commonwealth planning High Court appeal of Navy class action revival
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The Commonwealth of Australia is preparing a special leave application to the High Court challenging a NSW Court of Appeal decision reviving a class action brought on behalf of sailors over an allegedly broken Navy training promise.
Spain to claim sovereign immunity in suit over $392M arbitration award
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The Kingdom of Spain is contesting attempts to enforce two arbitration awards worth $392 million in the Federal Court, claiming sovereign immunity as it attempts to shut the proceedings down.
Judge allows expanded insurance class action against NAB
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A judge has granted a bid by the applicant in a class action against National Australia Bank over the sale of allegedly worthless credit card insurance to include customers who took out personal loan insurance, in a ruling that could significantly expand the case.
ANZ says 7-Eleven class action bid to restrict communications leaves bank ‘in limbo’
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An attempt by applicants in two franchisee class actions against 7-Eleven to limit communications between the convenience store giant and group members ahead of a hearing to approve a confidential settlement with ANZ, the bank that loaned money to the franchisees, unfairly delays approval of the settlement until next year, a court has heard.
Court approves $14.6M settlement in Ashley Services class action
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The Federal Court has approved a $14.6 million class action settlement with private training company Ashley Services, auditors Deloitte and Grant Thornton, and Holmes Management Group, with IMF Bentham set to pocket around $4.8 million for funding the litigation.
AUSTRAC orders external audit of Afterpay over money laundering compliance
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AUSTRAC has ordered buy now, pay later giant Afterpay to appoint an independent auditor to oversee its compliance with anti-money laundering laws.