Westpac has agreed to pay $29.95 million to settle a class action alleging subsidiaries BT Funds Management Limited and Westpac Life Insurance Services Limited charged customers excessive superannuation fees between 2007 and 2019.
The High Court won’t hear an appeal by payday loan providers Cigna and BHF seeking to challenge a Full Court judgment that found they can’t dodge the obligations contained in the National Credit Code through their lending model.
ASIC has filed a lawsuit against Finder Wallet, a subsidiary of comparison website Finder.com, alleging the company breached various requirements in relation to its crypto product Finder Earn.
A former contractor of investment management fund Courtenay House who received over $670,000 in commissions from investors has pleaded guilty to two criminal charges after an ASIC investigation revealed the company duped 585 investors in a $180 million Ponzi scheme.
Two Dixon Advisory insurers have lost a bid to limit the details of insurance policies handed over to a class action purported to worth $463 million, after a judge’s ruled the collapsed wealth manager should disclose its insurance for liability in the case.
A recent ruling cutting the contingency fee sought by a plaintiff law firm shows competition to run class actions will drive down the percentage payout courts are willing to permit. And as more firms enter the market for a slice of the returns, the downward pressure on profits will only build.
Companies associated with the wife of disgraced senior barrister Norman O’Bryan can’t get a new judge to hear their battle against a third-party costs summons that would make them jointly liable for a $21.5 million judgment for investors in a class action over Banksia Securities’ collapse.
The former chief financial officer and chief risk officer of South Australian industry super fund Statewide Superannuation have been hit with criminal charges related to the procurement of services from financial services platform Cosight.
Mastercard has lost a bid to patent a data processing system used to prevent fraud on payment card networks, with an IP delegate Australia ruling the invention “does not rise above an idea.”
A judge has granted a law firm’s bid for a group costs order in a shareholder class action against payments processing company EML, but has trimmed its proposed cut of any recovery after comparing it to the contingency fee rate the firm accepted in another class action.