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ANZ Bank will repay in full customers who were charged fees for no service after the corporate regulator pulled the bank up on its practice of partially remunerating some clients as part of a remediation program.
Judge takes ax to $5.7M bill by liquidators of SK Foods units
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A court has taken an ax to the final bill by liquidators of three failed subsidiaries of multi-national agribusiness SK Foods Group, lopping off 30 per cent after a successful intervention by the corporate regulator, which called the more than $5.7 million claimed by the liquidators excessive.
Ernst & Young strikes back in Quintis class action
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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.