The Australian Securities and Investments Commission will gets a chance on Monday to prove its claims that Westpac breached responsible lending laws by providing unsuitable home loans when the two face off in a high-stakes trial following the court’s rejection of what would have been a record $35 million penalty for breaching the country’s lending laws.
Litigation funder Litigation Capital Management will snap up 30 percent of a confidential settlement amount that KPMG has fought to keep under wraps in a shareholder class action over a failed $830 million hostile takeover bid of mining firm Discovery Metals.
A settlement has been reached in a class action against KPMG alleging it providing a misleading expert report to copper miner Discovery Metals that was used to reject a $830 million hostile takeover bid.
Banking giant Westpac has criticised Maurice Blackburn for rushing to file the first class action in the wake of the banking royal commission’s scathing final report, saying the self-appointed leading class action firm should know how to properly commence proceedings.
A judge has denied law firm Piper Alderman’s request to replace an uncooperative expert witness in a class action against KPMG over a failed takeover offer, three weeks before the matter goes to trial.
An appeal before a historic joint sitting of two courts overĀ so-called common fund orders in class actions kicked off Monday with a full bench of six judges and a packed courtroom hearing arguments by eminent barristers for BMW and Westpac that the orders are either preemptive or pointless.
A judge has expressed skepticism of Bannister Law’s plan to hire powerhouse US lawyer Kenneth Feinberg, who oversaw theĀ September 11th victims compensation and BP oil spill funds, to mediate class actions against Volkwagen over its emissions cheating scandal, saying the car maker had shown no interest in settling despite the risk of “horrendous” penalties.
The Australian Securities and Investments Commission has lost a bid to have the Federal Court decide a threshold legal question in its dodgy home loan case against Westpac, which is going to trial after a $35 million settlement got the thumbs down.
The corporate cop’s case against Westpac over allegedly irresponsible lending practices will go to trial after the Federal Court rejected the bank’s $35 million settlement.
The Federal Court has thrown out a proposed $35 million settlement between ASIC and Westpac over responsible lending breaches, saying the agreement was “unworkable” and left the court in an “information vacuum”.