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Funders react to ASIC’s thumbs down on licensing
Class Actions 2018-09-13 11:41 pm By Christine Caulfield Melbourne
The corporate watchdog's dim view of proposals to regulate litigation funders got a mixed reaction from big players in the industry Thursday, with its position supported by foreign funders but frowned on by at least one home-grown firm.
ASIC doesn’t want to regulate litigation funders
Article 2018-09-12 11:15 pm By Christine Caulfield Melbourne
Litigation funders should not be regulated by ASIC but by the courts, the corporate watchdog has told the Australian Law Reform Commission in response to proposals to overhaul the class action regime and subject funders to licensing requirements.
Slater & Gordon targets banks, wealth managers in class action campaign
Class Actions 2018-09-11 10:51 pm By Miklos Bolza Sydney
Law firm Slater and Gordon will launch a series of class actions alleging the big banks and wealth managers ripped off more than $1 billion from members of their superannuation funds.
Deloitte partners don’t have access to Hastie files, court told
Class Actions 2018-09-11 10:18 pm By Miklos Bolza and Christine Caulfield Sydney
Accounting giant Deloitte is digging in for a fight over a court order to produce documents to a shareholder class over the firm's auditing of collapsed engineering company Hastie Group, saying partners forced to hand over the files don't have access to them.
Woolworths faces $100M shareholder class action over profit guidance
Class Actions 2018-09-11 9:37 pm By Miklos Bolza Sydney
Supermarket giant Woolworths has been hit with a class action on behalf of investors who allegedly suffered losses when the company revised its sales and profit guidance and revealed it had been using the wrong pricing competitiveness and stock availability metrics.
Class action says mortgage investment firm charged excessive fees
Class Actions 2018-09-11 8:55 pm By Miklos Bolza Sydney
An Australian mortgage investment manager has been hit with a class action, alleging it charged excessive fees on loans and made misleading representations to borrowers.
Class action funders’ $92M windfall: the last of the big paydays?
Class Actions 2018-09-10 11:31 pm By Christine Caulfield Melbourne
The $92 million payout to two funders that financed the recently settled S&P Global class actions shows the need for continued scrutiny of litigation funding agreements, experts say, but whether it is a sign of windfalls to come or is a ghost of commission's past is another question.
Court tosses Ex-Quintis head’s defamation claims over ASX statements
Ashurst 2018-09-10 9:51 pm By Cat Fredenburgh Melbourne
A court has struck out defamation claims brought by embattled Quintis founder Frank Wilson against the company's former directors over ASX statements he alleges suggested he knew about the company's termination of a supply contract with Nestle's dermatology unit, Galderma Laboratories.
Banksia class action funder avoids extra costs despite ‘ulterior motive’
Appeals 2018-09-07 10:42 pm By Christine Caulfield Melbourne
The litigation funder that unsuccessfully sought to block a shareholder from opposing a $64 million class action settlement over the collapse of Banksia Securities is not on the hook for indemnity costs despite bringing the injunction with an ulterior motive.
Judge trims class action against Commonwealth Bank
Class Actions 2018-09-07 10:19 pm By Miklos Bolza Sydney
A judge has struck out part of a class action against the Commonwealth Bank of Australia that alleges it kept investors in the dark about deficiencies in its systems for monitoring money laundering and terrorism financing risks, saying it wasn't clear what the bank was expected to disclose.