Westpac is challenging a judge’s order that gives the funder backing a class action over life insurance premiums a 25 percent cut of any recovery.
ASIC has locked horns with a Federal Court judge over his proposal to appoint an independent referee in its case against AMP over insurance rewriting, with the regulator arguing the move would lead to delay and duplication of costs.
Law firm Quinn Emanuel Urquhart & Sullivan will call in US experts to back up its proposed “step up” funding model as five law firms begin a high stakes battle to lead a shareholder class action against AMP.
Commonwealth Bank and its wealth management unit Colonial First State have been hit with a class action alleging Colonial First State dumped customers’ retirement savings into uncompetitive CBA investments with returns as low as 1.25 per cent.
The Australia and New Zealand Banking Group told the court on Tuesday that it urgently needs a statement of facts, during the first hearing in the highly anticipated criminal cartel case against three investment banks.
Former National Australia Bank branch manager Mathew Alwan has been permanently banned from the financial services industry for his involvement in a home loan fraud ring in greater western Sydney.
A Federal Court judge has put ASIC’s first fees for no service case, brought against two units of National Australia Bank’s wealth management division, on an expedited timetable, saying the case was not new territory for the bank.
A Federal Court judge that threw out a consumer class action against MyBudget has denied the budget management company’s bid for costs, finding the case was brought in the public interest.
A Federal Court judge has allowed the plaintiffs in a class action alleging a unit of Westpac failed to detect the fraud of convicted Ponzi schemer Michael Samra to proceed with their claims against Samra’s defunct company.
The stakes will be high for both sides when some of the country’s top competition lawyers face off against the ACCC Tuesday in the first hearing in a closely watched criminal cartel case against three investment banks over a $2.5 billion ANZ institutional share placement.