Embattled financial giant AMP has moved to regain customer trust, allocating $290 million to compensate customers going back 10 years, the company told shareholders Friday.
Fundraising company Appco Australia challenged the similarities between group members in a class action alleging it misclassified workers as independent contractors to avoid paying minimum wage and benefits, even after a judge shot down its bid to block the case from proceeding as a class action.
Investors in a class action against failed online retailer Surfstitch Group won access Thursday to transcripts of interviews of former boss Justin Cameron by the corporate watchdog.
The funders of two class actions against a trustee of failed investment groups LKM Capital and GR Finance have agreed to cut their commission by 15 percentage points.
The amicus hired to assess the funder’s cut of a potentially record settlement in several class actions against S&P Global over toxic financial products has told the judge that if he’s considering approving a funding equalisation order, he should “start with a blank piece of paper” in calculating a reasonable funder’s commission.
Shareholders in a class action against Deloitte over the collapse of engineering company Hastie Group have won a major ruling against partners at the auditing firm who resisted handing over evidence to the class for fear of incriminating others at the accounting giant.
Johnson Winter & Slattery has been pulled into a class action against failed educational training company Vocation and its auditor PricewaterhouseCoopers, with the auditor saying the firm’s advice to Vocation constituted misleading and deceptive conduct.
The judge weighing a record settlement in multiple class actions against S&P Global over toxic financial products said Tuesday there was “no way” he would sign off on the deal while it stipulated that all funds be returned to the ratings agency in the event the settlement amount is disclosed.
The litigation funder underwriting a shareholder class action against BHP Billiton over the company’s Brazilian mine disaster is a corporation created by two major US plaintiffs’ firms with the sole purpose of backing the Australian case.
AMP has hit back against claims in the first of multiple class actions it faces, saying its practice of charging fees for no service did not warrant disclosure to shareholders. And despite sacking its GC for the extent of his exchanges with Clayton Utz over a report into the practice, the company now says the number of interactions was exaggerated.