A judge has found the lead applicant and funder in a discontinued class action against Pitcher Partners over its auditing of Slater & Gordon must pay the bill for the flurry of cross-claims brought in the proceeding, but has rejecting the accounting firm’s argument that its costs should be paid on an indemnity basis.
The High Court has set a date for handing down its keenly anticipated judgment in a case that challenged the winner of a beauty contest of class actions against AMP, a decision expected to offer guidance on how courts should tackle the so-called multiplicity problem.
Embattled financial services firm Greensill Capital has lost an emergency bid for a temporary mandatory injunction that would have forced its insurer to renew trade credit policies covering $4.6 billion in client loans as it fights to avoid collapse.
The Australian Securities and Investments Commission has brought court action against Retail Employees Superannuation, alleging the super trustee may have misled members about their ability to move their super out of the REST Trust.
A former financial planner of IOOF unit RI Advice, who has been accused by ASIC of pocketing hefty commissions from clients steered to risky investments, has abandoned his defence on the second day of trial.
A financial adviser at the centre of ASIC’s bad advice case against an IOOF unit might mount an argument that a fair trial is not possible because of his “fulsome” answers to investigators during a compulsory examination.
ASIC has launched court action against two Commonwealth Bank of Australia subsidiaries that have admitted multiple “systemic compliance failures”, including the overcharging of more than $4.3 million in brokerage fees.
ASIC’s warning about the futility of mediation with an IOOF subsidiary has proved prophetic, with talks last week failing to resolve the regulator’s case ahead of trial starting Monday.
A sacked ANZ trader who alleges he was fired after making complaints about rate-rigging at the bank has sued his former law firm for allegedly withholding documents needed to amend his case against the big four bank.
Police have identified human remains found on a beach on the NSW South Coast as Sydney businesswoman Melissa Caddick, who has not been seen since November.