It was “fundamentally wrong” that AMP Financial Planning paid consultant PricewaterhouseCoopers significantly more to review a court-ordered remediation than was paid to customers who suffered loss after an adviser churned life insurance policies for higher commissions, a judge has said.
A judge overseeing a class action against Colonial First State Investments has raised concerns about a $655 million dividend to CBA, questioning whether group members’ recovery could be in danger.
Lawyerly’s Litigation Law Firms of 2022 racked up precedent-setting victories in a year that continued to see major developments in class action law.
S&P Global is fighting bids to expand a class action alleging systemic defects in its ratings systems to a new type of complex financial product and to include allegations from a US Department of Justice case in a separate suit by two Cayman Islands-based companies.
A law firm has questioned an “innovative” funding model proposed by its rival in a contest to run a class action against Jaguar Land Rover over allegedly defective diesel filters in its vehicles.
A judge has thrown out a long-running class action on behalf of 20 local councils in NSW alleging insurer JLT Risk Solutions charged them hundreds of millions of dollars in excessive premiums over nine years.
The former chief executive of Commonwealth Bank has told a court internal auditors raised issues with CBA’s anti-money laundering and counter-terrorism financing compliance four years before AUSTRAC took action that saw the bank’s share price plummet.
The Commonwealth Bank of Australia has argued that disclosing its money laundering failures before AUSTRAC brought proceedings would have misled the market, as the bank takes the rare move of defending a shareholder class action at trial.
A judge overseeing a class action over AMP’s fees for no service practice has dismissed the applicant’s bid to access communications between AMP and law firm Clayton Utz that led up to an ostensibly independent report that allegedly went through 25 rounds of edits with the wealth manager’s inhouse lawyers.
While CBA’s defence to a shareholder class action argues the bank did not need to disclose money laundering failures because it doubted AUSTRAC would take legal action, communications show it was drafting a defence six months before proceedings started, a trial has heard.