A judge overseeing a class action over the government’s total ban on live cattle exports to Indonesia has challenged the applicant’s bid to base group member damages on an increased number of cows that could have been exported, three years after the lead applicant won a $2.9 million judgment.
A judge has approved a $29 million settlement in a class action against Westpac over ‘junk’ consumer credit insurance, a deal that earns the bank’s customers at least $19.6 million.
A $47 million settlement in a class action against ANZ — one of three settlements in a series of class actions against the big banks over ‘junk’ consumer credit insurance — was fair and reasonable, a judge has said.
A judge has railed against continuing delays in a class action against the Federal Government over its total ban on live cattle exports to Indonesia in 2011, as group members continue to go unpaid almost three years after a ruling awarding $2.9 million to the lead applicant.
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.
Westpac has agreed to pay $1.5 million to settle proceedings brought by ASIC for misleading 141 customers into believing they had purchased add-on insurance.
A judge has dismissed two cases brought by the Commonwealth Bank, Westpac and other lenders against directors of the failed steel giant Arrium, saying he was not satisfied the directors’ representations on loan drawdown notices were false or that the company was insolvent when it went into voluntary administration in April 2016.
A settlement reached in a lawsuit by the liquidators of collapsed steel giant Arrium against 10 former company directors accused of insolvent trading has been approved by a judge, who noted that while the settlement amount was “substantial”, the deal involved a “substantial compromise”.