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Bannister Law has stepped down from leading a shareholder class action, the second major class action the firm has recently handed over to a rival firm without explanation.
Ponzi schemer Samra drew funds at ‘near excess’, BankSA admits
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Westpac-owned BankSA has admitted that convicted Ponzi schemer Michael Samra withdrew funds at “near excess” of the bank’s limits and had insufficient money to honour cheques drawn on his company’s bank account.
Dick Smith shareholder must join class action to pursue claims, judge says
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A Dick Smith shareholder has lost his bid to bring a separate proceeding against the failed home goods retailer while two class actions are afoot.
CBA boss blames predecessor for dodgy credit insurance
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Commonwealth Bank of Australia chief Matt Comyn has pointed the finger at his predecessor, Ian Narev, for the bank’s selling of credit insurance to ineligible customers, claiming the former CEO failed to heed advice and stop selling the products.
Commonwealth denied costs in class action by detained asylum seekers
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The scope of the government’s power to detain individuals is “a matter of considerable public importance”, a judge has said, shooting down the Commonwealth’s bid for costs after it won the dismissal of a class action brought on behalf of asylum seekers who allege they were unlawfully imprisoned in Australian immigration detention centres.
RCR Tomlinson hit with shareholder class action over $57M solar farm loss
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Law firm Quinn Emanuel Urquhart & Sullivan has launched a shareholder class action against engineering and infrastructure firm RCR Tomlinson after “catastrophic” losses caused by $57 million in write-downs on two of the company’s North Queensland solar farms.
Monster Energy drops challenge to Fernbrew ‘beast’ trade mark
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Energy drink giant Monster Energy has dropped its challenge to a ruling allowing alcoholic spirits wholesaler Fernbrew to trade mark the term ‘Real Beast’ for alcoholic beverages.
GetSwift judge had power to stay competing class actions, Full Court rules
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The Full Federal Court has dismissed a challenge to a ruling that chose one of three shareholder class actions to proceed against GetSwift, saying the court had the power to permanently stay competing cases. But an injunction blocking the losing law firms from communicating with clients was going too far, it said.
Barry Plant hit with $720,000 fine for duping house hunters with low display prices
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Real estate agency Barry Plant has been hit with a $720,000 fine after admitting it breached the consumer laws by underquoting the likely selling price of 20 properties listed online.
Freight cos. slam ACCC’s collusion case over rail deal at start of trial
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Pacific National would not misuse its market power after taking control of an important rail terminal in Brisbane because that would be “irrational”, the Federal Court heard Monday at the start of a two-week trial in the competition watchdog’s case alleging the rail giant colluded with competitor Aurizon to become the dominant operator of key freight corridors.