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Judge rejects first ever bid for contingency fees in class action
Class Actions 2021-09-14 9:57 am By Christine Caulfield Melbourne

Saying the interests of class action members “must be given primacy”, a judge has rejected the first bid for a group costs order in a class action since contingency fee legislation passed in Victoria.

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ASIC to hand over examination transcript in Westpac insider trading case
Financial Services 2021-09-01 5:19 pm By Miklos Bolza Sydney

ASIC has agreed to provide Westpac with the transcript of a compulsory examination of one of its traders in court proceedings accusing the bank of insider trading in relation to the $16 billion privatisation of electricity provider Ausgrid.

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Westpac cops $10M fine in personal advice case, but doesn’t say sorry
Financial Services 2021-08-23 4:16 pm By Cindy Cameronne Sydney

Two Westpac units have been hit with $10.5 million in fines for providing personal financial advice during a superannuation rollover campaign, with a barrister for ASIC noting the bank had not apologised or expressed regret for the conduct.

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‘I didn’t come down in the last shower’: Judge criticises running of two S&P cases
Class Actions 2021-07-28 1:53 pm By Christine Caulfield Melbourne

A judge has grudgingly agreed to allow a law firm to run an investor’s case against S&P Global over ratings on toxic financial products separately from a class action that makes the same claims, but was warned of the “costs consequences” of the parallel proceedings.

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Judge vacates Westpac insider trading trial despite ‘misgivings’
Financial Services 2021-07-26 2:46 pm By Miklos Bolza Sydney

A judge has vacated next year’s trial in ASIC’s insider trading case against Westpac despite “misgivings”, and has made orders regarding confidential evidence after the Australian financial watchdog argued that handing the material to the bank could damage its relationship with its Hong Kong counterpart.

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Quintis class actions reload as insurance brawl delays settlement approval
Class Actions 2021-07-05 4:54 pm By Miklos Bolza Sydney

Two shareholder class actions against sandalwood producer Quintis that reached an in principle settlement over a year ago are moving forward following a protracted dispute over insurance, with the lead applicants getting approval to file proposed amended pleadings.

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S&P class action applicant resists paying security for ratings agency’s costs
Class Actions 2021-06-29 5:13 pm By Christine Caulfield Melbourne

A fight is looming over a bid by S&P Global for a class action applicant to pay security for the legal costs of defending the litigation, with the applicant arguing it shouldn’t have to fork over anything.

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NAB wins $43M judgment against ex-Dick Smith director but receivers walk away empty handed
Restructuring & Insolvency 2021-06-15 4:47 pm By Miklos Bolza Sydney

A judge has awarded $43 million to National Australia Bank in its lawsuit against former directors of failed retailer Dick Smith, but threw out claims against company directors brought by HSBC and the retailer’s receivers.

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Court urged to reject law firm’s contingency fee bid in ANZ, Westpac class actions
Class Actions 2021-06-03 10:25 pm By Miklos Bolza Sydney

A Victoria Supreme Court judge weighing for the first time an application by a law firm for a percentage cut of recoveries in class actions has been told to reject the bid because group members would fare better under the firm’s current no win, no fee funding arrangement.

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S&P may ask judge to disqualify himself from class action over ratings defects
Class Actions 2021-03-26 12:53 pm By Miklos Bolza Sydney

A judge who oversaw a 39-day trial in 2018 in multiple class actions against S&P Global may be asked by the ratings agency to step down from hearing another class action alleging systemic defects in its ratings systems.

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