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Despite universal panning by lawyers, government takes class action bill to parliament
Class Actions 2021-10-27 9:03 pm By Miklos Bolza Sydney
Legislation capping litigation funder returns in class actions to 30 per cent and requiring group members to sign up to funding schemes has been introduced to federal parliament despite widespread criticism.
Arnold Bloch Leibler, Slater & Gordon settle class action over Quindell acquisition
Accounting 2021-10-27 12:16 pm By Miklos Bolza Sydney
An in-principle settlement has been reached with law firms Arnold Bloch Leibler and Slater & Gordon in a class action over Slater & Gordon's disastrous $1.2 billion Quindell acquisition.
Law firms accused of negligence say Dover not entitled to recover $1.2M penalty
Adam Coote 2021-10-27 6:01 pm By Cindy Cameronne Sydney
Two law firms accused of providing negligent advice to Dover Financial over a so-called client protection policy found to be "highly misleading" have argued the defunct financial advisor should not be able to recover the $1.2 million penalty it was ordered to pay.
Investors lose joint appeal bid to boost slice of Halifax liquidation assets
Alec Leopold 2021-10-27 3:13 pm By Miklos Bolza Sydney
Investors in collapsed stockbroker Halifax Investment Services have failed to overturn decisions in Australia and New Zealand relating to the date of realisation of their investments which have decreased the amount they can recover in the company's liquidation.
Injunction against Facebook doesn’t clash with competition watchdog’s orders, judge says
Competition & Consumer Protection 2021-10-27 5:04 pm By Bianca Hrovat Sydney
A court has shut down Facebook’s renewed push to cut off Melbourne-based content strategists Sked Social from posting on Instagram on behalf of its clients, with a judge saying the social media giant’s justification for varying the injunction order was “flimsy and possibly strategic”.
ASIC mulls action against super fund execs for investment switching with insider intel
ASIC 2021-10-27 8:13 pm By Cindy Cameronne Sydney
ASIC has flagged it may take regulatory action against super fund executives and directors for switching personal investment options using insider information.
Morgan Stanley’s negligence gave financial advisor PTSD, suit claims
Employment 2021-10-27 2:20 pm By Bianca Hrovat Sydney
A former Morgan Stanley financial adviser has launched a lawsuit against the investment banking giant, alleging its negligence led to psychological strain so severe it rendered her permanently unfit for her job.
Ex-Caterpillar employee accused of taking ‘many thousands’ of confidential files
Contracts 2021-10-27 1:55 pm By Bianca Hrovat Sydney
Construction equipment giant Caterpillar has accused a former employee of flagrantly copying “many thousands” of confidential files before moving to a rival.
Crown report points finger at MinterEllison, internal legal team
Crown Resorts 2021-10-26 1:14 pm By Miklos Bolza Sydney
MinterEllison and Crown Resort's internal lawyers were partially at fault for misconduct unearthed in a damning Royal Commission report into the casino operator because they failed to ask whether certain actions were moral as well as legal, the commissioner has found.
Government hit with climate change class action by Torres Strait Islanders
Class Actions 2021-10-26 9:07 pm By Miklos Bolza Sydney
A class action has been filed alleging the Morrison government has a novel duty of care to protect Torres Strait Islanders from the devastating effects of climate change.