AMP has slammed arguments that group members in four Federal Court class actions could face a jurisdictional limitation on their claims of disclosure breaches if their cases are transferred to state court, saying no such disadvantage exists.
IOOF subsidiary Australian Executive Trustees wants to expand the cross-claim it filed against insurance broker Willis Australia in the class action over the collapse of Provident Capital, two weeks after AET agreed to fork over $44.25 million to settle the matter.
The Federal Court offers group members in the shareholder class actions against AMP a major legal advantage over the NSW Supreme Court, lawyers for the federal cases have argued ahead of a hearing in the controversial jurisdictional battle.
National Australia Bank has issued a public apology after evidence this week at the Banking Royal Commission revealed the bank charged fees for no service and faces possible criminal charges.
A barrister for a class action against Radio Rentals has told the Federal Court the company’s “strange” lease contracts may have been worded solely to avoid its obligations under the Uniform Consumer Credit Code.
A judge has given the green light to a settlement of seven class actions against ratings agency S&P Global over toxic financial products, saying despite an “extraordinarily large” litigation funding fee the deal was a “significant vindication” of group member claims.
The lead applicant in an investor class action against Fitch Ratings will get its hands on internal reports detailing why the agency assigned a Triple A rating to Sigma Finance Corporation ahead of its 2008 collapse, and whether it could have predicted the fall of the $27 billion investment fund.
The corporate watchdog can’t get its hands on documents detailing Westpac’s disciplinary measures against rogue traders or communications between the employees ahead of a penalty hearing in a case that found the bank attempted to influence the Bank Bill Swap Rate.
The Australian Securities and Investments Commission will get a $70.1 million boost to fight corporate wrongdoing as part of a funding package that includes a plan to embed ASIC staff in the big four banks and AMP.
Settlements totaling $39 million have been reached in two class actions against the former trustee of failed investment groups LKM Capital and GR Finance.