Banks targeted in long-running class actions over flexible commission schemes for car dealers are resisting the plaintiffs’ bid to amend their pleadings to “get around” the defence that certain claims are time-barred.
Generic drug maker Mayne Pharma has resolved a shareholder class action centred on disclosures connected to price-fixing claims by US regulators.
Shareholders of Commonwealth Bank have lodged expected appeals challenging a decision tossing their class actions over alleged lax money laundering compliance, giving the Full Federal Court a chance to clarify when companies must disclose regulatory investigations.
A judge that tossed two shareholder class actions against the Commonwealth Bank of Australia has found the bank did not have to alert investors to the possibility of AUSTRAC proceedings, saying investors did not expect to be apprised of the “toings and froings” of regulatory investigations.
Two class actions have failed to convince a judge that the Commonwealth Bank of Australia’s money laundering compliance failure which led to a $700 million penalty was “law breaking on a grand scale” that should have been disclosed to the market, the latest shareholder case to flop after being taken to trial.
Appellate guidance is needed on whether a history of cooperation between law firms that brought competing class actions can be the deciding factor in a close carriage contest, the Victorian Court of Appeal has heard.
A judge has ordered soft class closure in a class action against Suncorp unit AAI over allegedly worthless insurance, saying that knowing how many of the 200,000 group members are likely to participate would assist in resolving the case.
Herbert Smith Freehills has filed proceedings against its former client United Petroleum, seeking costs of successfully defending a lawsuit alleging it acted negligently in relation to the company’s failed initial public offering in 2016.
Suncorp subsidiary AAI has asked a court to order soft class closure in a group proceeding over allegedly worthless insurance, saying it was “passing strange” that over 200,000 group members “don’t know they’re even group members” three years into the case.
Awaiting judgment in Federal Court class actions by shareholders over its money laundering risk disclosures, the Commonwealth Bank will ask the court to reopen the case to consider the relevance of two recent decisions that found shareholders in other class actions had failed to prove loss.