Two law firms are set to work “hand in glove” in their proposed consolidated shareholder class actions against a2 Milk, with one senior barrister to be dropped as part of the “rationalisation” of the combined team.
The Federal Court has slugged wealth management firm Colonial First State Investments with a $20 million penalty for misleading almost 13,000 superannuation members about their MySuper entitlements through a “concerted campaign” that lasted two years.
The lead applicant in a class action against CBA does not have the right to view fund management documents relevant to the case despite representing group members who share joint privilege with the bank over material, a judge has said, acknowledging the decision could create difficulties in class action proceedings.
Westpac has been ordered to pay $3 million after two subsidiaries admitted misleading hundreds of superannuation customers about the financial adviser fees they were charged, a penalty that took into account the Big Four bank’s massive profits.
A fight over whether a class action applicant must fork over security for costs is not a matter of the strength of the case, says a judge presiding over a class action brought by superannuation holders against Commonwealth Bank of Australia and subsidiaries Colonial First State and Avanteos.
Two Westpac units have made admissions and said they would not defend proceedings brought by the Australian Securities and Investments Commission over fees charged for services that were not provided to hundreds of financial advice customers.