Westpac will pay $13.25 million to settle a class action over alleged losses caused by subsidiary BankSA’s investments in a Ponzi scheme run by convicted fraudster Michael Samra.
National Australia Bank is taking Helen Rosamond’s executive services company Human Group to court in connection with a multimillion dollar fraud against the bank.
A judge overseeing competing class actions against AMP over allegedly excessive superannuation fees has signed off on an agreement by two rival law firms to consolidate their cases, avoiding a potentially costly and drawn out beauty parade.
AMP has added two law firms to separately represent its subidiaries in one of two class actions alleging it charged its superannuation members excessive fees.
A senior partner at a Sydney-based law firm has denied he made a “deliberate decision” to withhold advice from a former client suing for alleged breach of duties and conflict of interest over a rejected $4.45 million settlement in an employment dispute with Westpac.
The Australian Securities and Investigations is making up for lost time, ramping up its investigation and litigation efforts following a blistering critique by the banking royal commission of its soft enforcement approach.
The Federal Court’s top judge has urged ASIC and ANZ to continue their “litigation good faith” in the corporate cop’s action over $35 million in allegedly illegal customer fees charged by the bank, and cautioned the two sides against slogging it out with a “staged trench warfare” mentality.
After defeating the corporate regulator’s case alleging it breached responsible lending laws, banking giant Westpac has won a reprieve from lodging a defence in a related class action.
A judge has ordered a group of banks facing a competition class action over alleged foreign exchange rate-rigging to hand over documents they produced as part of settlement agreements in class actions in the US and Canada.
The funder behind a class action against a unit of car leasing company McMillan Shakespeare for allegedly engaging in unfair tactics when selling car warranties is seeking a 25 per cent cut of any settlement reached in the case.