Westpac, Macquarie and ANZ are seeking class closure orders ahead of mediation in three class actions over flexible commissions schemes, telling a court hearing they will be “completely at sea” without a better idea of the class size.
A court will be asked to decide whether the secrecy provisions of NSW gaming legislation prohibits the state’s casino regulator from using material produced to the Bergin Inquiry in its case against Hong Kong-based Melco Resorts seeking to recover the expense of running the Bergin Inquiry.
Construction firm CIMIC has won its bid to view identifying information about institutional investors in a shareholder class action, despite the applicant’s claims it could deter group members from signing on to the case.
A law firm has won its second bid for a group costs order in three class actions against banks over flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.
Maurice Blackburn has had a second crack at a group costs order in three class actions against banks over alleged flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.
Westpac has told a court that it is “inconceivable” that Forum Finance directors Bill Papas and Vince Tesoriero and funded their lavish lifestyles legitimately, as trial kicked off in the bank’s $400 million fraud case against the Forum companies.
ANZ and Westpac have failed in their bid for a contradictor to weigh in on a contingency fee bid in two class actions, as the law firm that lost the first ever application for a group costs order tries again.
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.
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.