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A unit of Insignia Financial, formerly IOOF, has paid $10.7 million in infringement notices for allegedly failing to put members’ default superannuation contributions into MySuper products.
In negligence suit, Gadens accused of derailing insolvent trading case
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The liquidators of failed grain trader LGL Commodities have filed a professional negligence case against law firm Gadens, alleging its failure to comply with orders for evidence meant it lost the chance to win back over $6 million at trial.
Early common fund orders blessed by NZ appeals court in ANZ class action
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A New Zealand appeals court has ruled that common fund orders can be made in class actions, even at the early stages, departing from the High Court of Australia in finding the commercial viability of a proceeding enhances access to justice.
Amex hit with $8M penalty in first ever case over DDO breaches
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A judge has ordered credit card giant American Express to pay $8 million in ASIC’s first-ever case over design and distribution obligations, but has criticised the recently enacted provisions as being “poorly drafted”.
Wealth guru Dominique Grubisa, DG Institute hit with $6M penalty
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The ACCC has secured $6 million in penalties against wealth education company DG Institute and its CEO Dominique Grubisa, as well as orders that the company refund $14.7 million in course fees to customers who enrolled in its ‘Master Wealth Control’ program.
3A cladding class action wins spat over issues to be canvassed at two-month trial
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Building materials manufacturer 3A Composites has lost a challenge to questions for a judge at an initial trial of a class action over combustible cladding, with a judge finding the issue of whether the company’s Alucobond panels were of acceptable quality was common to all group members.
APRA cuts $1B Westpac risk capital requirement in half
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Pointing to Westpac’s progress in risk governance since it was targeted by AUSTRAC for systemic failures five years ago, the prudential watchdog has said it will halve a $1 billion capital requirement.
Ex-Sydney Flames coach Shane Heal escapes costs over failed Fair Work case
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A judge has declined to order costs against basketball coach Shane Heal in his failed Fair Work case against the Sydney Flames, saying Heal’s claims were not “advanced without any factual or legal basis”.
Class action against Noumi lays claim to $5M penalty in ASIC case
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Noumi has agreed to pay a $5 million penalty for violating its continuous disclosure obligations in a case brought by the corporate regulator, but the applicant in a shareholder class action against the food company says the sum should be reserved to compensate group members.
BHP class action to take fresh look at pleadings after failure of CBA cases
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A shareholder class action against BHP has sought more time to finalise its pleadings ahead of trial, after a judge threw out two class actions against the Commonwealth Bank that also alleged continuous disclosure breaches.