Kane Loxley

Casino giant Crown has admitted to a “significant number” of anti-money laundering and counter terrorism breaches in a case brought by AUSTRAC.

A court has heard that casino giants Crown and Star are likely to reach agreement with AUSTRAC as to liability in proceedings alleging “widespread and serious non-compliance” with anti-money and counter terrorism laundering laws.

Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.

A judge has approved a group costs order with a tiered contingency fee that will guarantee group members at least 72.5 per cent of any returns in a shareholder class action accusing Crown Resorts of lax anti-money laundering compliance over a six-year period.

Westpac has lost a bid to keep group members in the dark about the premiums paid for allegedly worthless consumer credit insurance, information the bank said could inflate expectations about settlements worth $126 million reached in three class actions.

A judge has questioned a tiered contingency fee arrangement in a proposed group costs order by the law firm running a shareholder class action against Crown, asking whether the lower-end percentages were “meaningless”.

Westpac has objected to several proposed notices going out to group members in a class action over ‘junk’ consumer credit insurance, which three of the Big Four banks have agreed to pay $126 million to settle.

A judge has rejected Crown Resort’s bid to appoint a contradictor to fight a group costs order being sought in a shareholder class action accusing the casino giant of lax anti-money laundering compliance over a six-year period.

BHP Group has lost its High Court battle to keep foreign investors from an Australian shareholder class action over the devastating collapse of a Brazilian dam.

Investors in Mayfair Group’s collapsed IPO Wealth Fund have clawed back only a fraction of their alleged $67 million losses after a judge approved a settlement in a class action alleging the fund’s trustee misled unit holders.