Five major banks including JPMorgan, Citibank and UBS have denied all wrongdoing in a class action accusing them of entering a cartel agreement to rig foreign exchange rates and argue the claims were brought out of time or are barred by settlements in overseas proceedings.
Aircraft engineers for Qantas have lost a challenge to a ruling that the airline had no “genuine choice” when it stood them down in March 2020 during the COVID-19 pandemic.
An appeals court has sided with shareholders in their challenge to a ruling tossing a class action against engineering services company Worley, which was found to have had reasonable grounds for issuing overly rosy earnings guidance eight years ago.
Lloyd’s has scored a win in a COVID-19 business interruption case, with a judge ruling the insurer can rely on a conformity clause in its insurance contract with a Snap Fitness franchisee to deny coverage.
Qantas has been ordered to pay $9.5 million in unpaid fees after the Western Australia Supreme Court resolved a dispute over the “fair and reasonable” amount owed for terminal services provided for the airline’s domestic and international flights.
The Australian Securities and Investments Commission has dropped all but one claim against Rio Tinto in a four-year-long case over disclosures related to its troubled $5.8 billion acquisition of a Mozambique coal mining business and abandoned all claims against the mining giant’s former CEO and CFO.
Rio Tinto will face a penalty in proceedings brought by the Australian Securities and Investments Commission alleging the mining giant misled shareholders about the resources of a Mozambique mining company it acquired for $5.8 billion in 2011 and later offloaded for $70 million.
A judge has dismissed an urgent application to block Qantas from taking disciplinary action against unvaccinated employees, but the airline has committed to extending their leave with pay until a challenge to its COVID-19 vaccination policy can be heard.
Liberty Mutual Insurance does not have to indemnify dam operator Sunwater for its share of a $440 million settlement of the Queensland floods class action, the NSW Supreme Court has found.
In rejecting a bid by The Star Entertainment Group to recoup losses stemming from the COVID-19 pandemic, the Federal Court’s Chief Justice did “real and unexplained violence” to the construction of a business interruption policy the casino giant had taken out with Chubb, the Full Court has heard.