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A judge has questioned whether he should sign off on a $49.5 million settlement in a class action against National Australia Bank over allegedly worthless credit card insurance, which he said had a "fundamental flaw" because it did not contain a provision automatically cancelling group members' policies.
National Australia Bank's "grossly deficient" systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.
Companies and other defendants forked over big sums last year to settle more than 20 class actions, with a total of at least $734 million being paid out. Here are the top 10 class action settlements and the law firms and funders that negotiated them.
A judge on Tuesday questioned how elderly group members struggling with the digital age can register in a 'junk' insurance class action against National Australia Bank, amid the postponement of hearing to approve the $49.5 million settlement reached in the case.
The National Australia Bank and insurer MLC have agreed to pay $49.5 million to settle a class action over allegedly worthless credit card insurance.
Litigation funder Augusta Ventures has brought its promised appeal of a groundbreaking ruling that put it on the hook for paying security for costs in an employment class action over the classification of casual mine workers.
A litigation funder is planning to challenge a landmark Federal Court ruling that found for the first time that funders can be ordered to pay security for costs in Fair Work class actions.
A landmark ruling has found judges have the power to order security against litigation funders backing Fair Work class actions, in a decision that could change the landscape of representative proceedings.
The hearing for a class action against National Australia Bank over allegedly worthless credit card insurance will focus on whether the bank's allegedly unconscionable behaviour in selling these policies was systemic or confined to individual cases.
The Australian Securities and Investments Commission has won its bid to use evidence from US proceedings in its case against Rio Tinto alleging the mining giant misled shareholders about a Mozambique mining company purchased for US$4.2 billion.