Energy provider AGL has been slapped with a $25 million penalty after it continued to deduct payments from around 500 welfare recipients after they had closed their accounts.
A $100 million settlement by AMP in a class action by financial planners over the wealth manager’s buyer of last resort policy has been given the OK, but the litigation funder won’t be reimbursed for $2.6 million in insurance and administrative costs.
A contradictor appointed to represent group members’ interests in relation to a $100 million settlement in a class action against AMP wants to shave $2.6 million off the funder’s cut, telling the court that deductions for ATE insurance and administrative fees should not be approved.
A judge has found energy company AGL committed thousands of contraventions of the Retail Rules by continuing to deduct payments from welfare recipients after they had closed their accounts.
The funder of a class action by financial advisers against AMP is seeking a $28.5 million profit from a $100 million settlement, a hefty payout that has prompted the appointment of a contradictor but may survive the scrutiny in light of a recent appeals court decision.
A judge has appointed a contradictor for an upcoming settlement approval hearing in a class action by financial advisers against AMP over its buyer of last resort policy, saying the funder was taking a “very large” cut of the $100 million settlement.
Companies and government entities paid out less to settle class actions in 2023 than in the previous two years, with no mega settlements hitting their pocketbooks.
AMP has agreed to pay $100 million to settle a class action by financial advisers over its buyer of last resort policy, after suffering a loss at trial.
AMP and a group of financial advisers in a class action over changes to the firm’s buyer of last resort policy have agreed to another round of mediation, even as the wealth manager appeals a judge’s liability finding.
AMP has appealed its loss in a class action over changes to its buyer of last resort policy, under which the wealth manager slashed the amount it would pay financial advisers for their books of business.