The Australian Securities and Investment Commission will not take action against the Commonwealth Bank of Australia or any of its directors of officers in relation to AUSTRAC proceedings the bank agreed to settle for $700 million in 2018.
Construction giant Boral must now contend with three class actions by shareholders alleging it failed to disclose financial problems with its US windows business, but the cases will stay on ice pending a High Court challenge.
The law firm behind a long-running class action against Pitcher Partners over its auditing of Slater and Gordon is seeking court approval to drop the case, leaving the funder that bankrolled the proceeding to defend an application for indemnity costs.
Westpac has denied claims in a shareholder class action filed in the wake of AUSTRAC proceedings alleging 23 million breaches of anti-money laundering and counter-terrorism finance laws, saying the information the class action says it should have disclosed to shareholders “did not exist”.
A judge has pushed off a heated contest between law firms vying to lead a shareholder class action against construction giant Boral for what could be a year as a landmark High Court challenge plays out.
A litigation funder’s average rate of return on its investment in shareholder class actions was one of a number of factors weighed by a judge in approving a 25 per cent funding cut from the $42 million settlement in a class action against dairy cooperative Murray Goulburn.
The Commonwealth Bank of Australia has refused to provide sought-after documents to the lead applicants of a joint class action against it until AUSTRAC grants permission, citing concerns over possible criminal breaches if it hands over the material without the agency’s approval.
Two law firms that filed competing shareholder class actions against construction giant Boral have asked the court to permanently stay the other’s proceeding, after the judge overseeing the matter said he might wait until the High Court’s ruling on the AMP class action beauty parade before deciding which class action should move forward.
A judge has scolded the law firms behind competing shareholder class actions against Boral for delaying progress of the proceedings, but may wait until the High Court’s ruling on the AMP class action beauty parade before deciding which of three potential class actions should move forward.
Domino’s is seeking to strike out portions of the “rolled up, confusing pleading” in a class action over alleged worker underpayments, saying the case cannot be brought under the consumer law.