A class action against Virgin Australia has become a lawyers’ feast, with seven new firms entering the ring after a dozen insurers were joined to the action alleging the airline failed to disclose its true financial position in a $324 million capital raising prospectus.
ASIC has lost its challenge to findings that a revenue sharing arrangement between the Commonwealth Bank of Australia and former subsidiary Colonial First State Investments did not breach conflicted remuneration provisions of the Corporations Act.
A judge asked to approve a $50 million settlement in a consumer credit insurance class action against the Commonwealth Bank has questioned a $2.5 million deduction for professional services firm Deloitte.
A judge overseeing a class action accusing Virgin Australia of failing to disclose its true financial position in a $324 million capital raising prospectus has joined a dozen insurers to the proceeding, which he said had “regrettably languished”.
A class action of bond holders accusing Virgin Australia of failing to disclose its true financial position in a 2019 prospectus for a capital raising wants a contentious indemnity clause in the airline’s DOCA narrowed, in proceedings a judge has said “increasingly resemble a farce”.
A class action accusing Virgin Australia of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising is seeking to join a slew of the airline’s insurers to the case.
The Commonwealth Bank of Australia has urged the Full Court to toss ASIC’s challenge to a decision dismissing its conflicted remuneration case over the bank’s sale of its Essential Super product, saying the appeal suffered from “fatal” flaws.
ASIC has lost a case accusing the Commonwealth Bank of Australia of hitting customers with $55 million in unauthorised fees, with a judge finding that nearly 1 million customers charged the fees should have known that even banks “sometimes make mistakes”.
Virgin Australia’s insurers may be dragged into a class action accusing the airline of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising.
The Australian Securities and Investments Commission has filed an appeal after a judge dismissed its case alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, finding it was “misconceived”.