Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.
Westpac has agreed to pay $29.95 million to settle a class action alleging subsidiaries BT Funds Management Limited and Westpac Life Insurance Services Limited charged customers excessive superannuation fees between 2007 and 2019.
Investors in Mayfair Groupās collapsed IPO Wealth Fund have clawed back only a fraction of their alleged $67 million losses after a judge approved a settlement in a class action alleging the fundās trustee misled unit holders.
Investors in Mayfair Groupās collapsed IPO Wealth Fund are set to recoup only a fraction of their alleged $67 million losses in a best-case settlement of a class action alleging the fundās trustee misled unit holders.
Mayfair Groupās James Mawhinney has given an undertaking to not contact group members in a class action against a trustee of the collapsed IPO Wealth fund after allegedly urging investors, through a PR firm, to reject a settlement offer.
Investors in Mayfair Groupās collapsed IPO Wealth Fund stand to recoup āa lot lessā than their alleged $67 million in losses from a settlement in a class action alleging the fundās trustee misled the unit holders — but they will take home 75 per cent of the resolution sum, a court has heard.
The trustee of Mayfair Group’s collapsed IPO Wealth Fund has reached an in-principle settlement in a class action alleging it misled investors, who lost $86 million when the fund was wound up.
A judge has hit IOOF unit RI Advice with a $6 million penalty for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments, despite earlier expressing concerns the penalty may not have enough sting.
A judge has raised concerns about a $6 million penalty proposed by the Australian Securities and Investments Commission against IOOF unit RI Advice for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments.
A judge has scolded Slater & Gordon and two Westpac subsidiaries for a “disgraceful” privilege spat in a class action over allegedly excessive superannuation fees that he said had “gone badly off the rails”.