A law firm has won its second bid for a group costs order in three class actions against banks over flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.
S&P Global is fighting bids to expand a class action alleging systemic defects in its ratings systems to a new type of complex financial product and to include allegations from a US Department of Justice case in a separate suit by two Cayman Islands-based companies.
Maurice Blackburn has had a second crack at a group costs order in three class actions against banks over alleged flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.
A judge has vacated an upcoming trial in shareholder class actions against former Quintis director Frank Wilson and Ernst & Young, after learning judgment in similar ASIC proceedings against Wilson will not be delivered before the class action hearing kicks off.
Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.
Westpac has lost a bid to keep group members in the dark about the premiums paid for allegedly worthless consumer credit insurance, information the bank said could inflate expectations about settlements worth $126 million reached in three class actions.
Westpac has objected to several proposed notices going out to group members in a class action over ‘junk’ consumer credit insurance, which three of the Big Four banks have agreed to pay $126 million to settle.
ANZ and Westpac have failed in their bid for a contradictor to weigh in on a contingency fee bid in two class actions, as the law firm that lost the first ever application for a group costs order tries again.
Insurer QBE has settled a class action over ANZ’s sale of allegedly worthless add-on insurance, and the applicants are “hopeful” that the bank and two other named insurers will soon reach a deal to resolve the claims against them.
A shareholder class action against Ernst & Young over its alleged inflation of assets owned by sandalwood producer Quintis has argued the accounting firm should be allowed only one expert witness, who should collaborate with a competing expert chosen by the investors.