ASIC has called for a $15 million penalty against National Australia Bank over its scandal-ridden ‘Introducer’ loan referral program, but a judge has questioned the “superficial” investigations in the case and remarked on the corporate regulator’s “pattern” of bringing enforcement action after remediation programs were well underway.
Three law firms will represent the insurers in new proceedings launched to resolve a $46 million insurance question delaying settlement of two shareholder class actions against sandlewood producer Quintis, bringing the total number of law firms working on the class action to eight.
In a defeat to the Australian Securities and Investments Commission, a judge has found a key witness in the trial against former Quintis director Frank Wilson must give evidence in person, delaying the hearing indefinitely until coronavirus-related travel restrictions are lifted.
The settlement of two shareholder class actions against sandalwood producer Quintis has been delayed for a second time, as the parties continue to investigate the company’s eleventh-hour revelation that it may have extra insurance, which, according to the lawyers of one class action, could be worth $46 million to group members.
The first-past-the-post principle applies to enforcement of settlements in collective actions over a 2014 bushfire in Western Australia, a judge has held, in a ruling that could have ramifications for all class actions.
The settlement of two shareholder class actions against sandalwood producer Quintis has been delayed after the company’s eleventh-hour revelation that it may have an extra $40 million in insurance.
Sandalwood producer Quintis has agreed to settle two class actions by shareholders, but the claims against company founder Frank Wilson and auditor EY will proceed for now.
A judge has ordered the Rinehart family to enter mediation in their feud over a $4 billion trust, saying it was “overwhelmingly in the interests of the administration of justice” to seek an end to the long-running and bitter dispute.
The judge who last month approved a $29 million settlement in a consumer class action against Radio Rentals has held that courts have power to order part of a settlement sum to go to charitable causes where distributing the funds to group members is too hard or impossible.
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.