The Commonwealth Bank of Australia knew about a “catastrophic” code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.
A judge overseeing a shareholder class action against the now failed GetSwift has urged the applicant to decide soon if he will forge ahead with a problematic settlement, seek summary judgment or wait to see what comes of the parent company’s bankruptcy case.
The Commonwealth Bank of Australia faces trial Monday in one of several class actions filed against a major Australian company in recent years over allegedly lax money laundering practices and disclosures.
A judge has slammed Domino’s for its “entirely unsatisfactory” opening submissions in an underpayments class action, warning the pizza giant not to hide arguments and evidence up its sleeve.
Two class action firms have refused to provide an undertaking that would fix the rate of their contingency fee in a consolidated shareholder class action against food company Noumi and auditor Deloitte over $590 million in accounting irregularities.
BHP Group has lost its High Court battle to keep foreign investors from an Australian shareholder class action over the devastating collapse of a Brazilian dam.
Construction firm CIMIC has foreshadowed a fight over “obscure” new pleadings in a two year-old shareholder class action alleging the company failed to keep the market informed about issues with its Middle East operations.
Westpac has criticized the lead applicant in a class action filed in the wake of AUSTRAC proceedings for the “disorderly” conduct of the lagging proceedings, with discovery yet to be finalized as the case nears its third anniversary.
Law firms Slater & Gordon and Phi Finney McDonald are seeking a 22 per cent cut of any recovery in a consolidated shareholder class action against food company Noumi and its auditor Deloitte over $590 million in accounting irregularities.
A judge has blasted Domino’s for its obstructionism in an underpayments class action and promised to order the pizza franchise giant to hand over information on its stores to facilitate settlement.