Lawyers behind a class action against AMP over changes to its buyer of last resort policy have told a court the parties can’t agree on releases attached to BOLR payments that require exiting financial advisers to waive their claims in the litigation.
A court has ordered Theta Asset Management, a collapsed financial services provider that ran a property investment scheme targeting retirees, to pay a $2 million penalty for issuing defective product disclosure statements.
A settlement has been reached in a class action against a Sydney-based financial advisory firm by a group of Chinese investors over a property investment and visa scheme that allegedly saw group members lose $14.5 million in funds.
Two more law firms have been joined to a lawsuit by defunct financial advisor Dover Financial accusing three law firms of providing negligent advice regarding an inaptly titled client protection policy which a judge found was “highly misleading” and “an exercise in Orwellian doublespeak”.
Former BitConnect promoter John Bigatton has been charged with a raft of cryptocurrency-related offences, including operating an unregistered managed investment scheme and making false or misleading statements to investors.
A former director of defunct financial services company Linchpin Capital, who is facing a class action as well as civil penalty proceedings by ASIC, can’t put the brakes on his challenge to a five-year disqualification order by the regulator.
A contractual dispute between a litigation funder and the lead applicant in a class action against S&P will not prevent the class action from progressing, with both parties giving undertakings to preserve the status quo while the feud remains on foot.
The eyes of class action lawyers will be on the High Court Tuesday as it hears arguments over a judge’s power to choose a single class action among competing proceedings and what, if anything, should be made of a case’s funding structure and likely returns to group members when picking a winner.
A judge has denied Fuji Xerox’s attempt to strike out parts of the defences of Ernst & Young and a former Fuji director in a lawsuit over alleged massive accounting irregularities.
A former Macquarie Bank financial adviser previously banned for life from providing financial services has been hit with criminal charges.