Leanne Rich

A judge has thrown out a shareholder’s case against Slater & Gordon over the firm’s takeover by private equity firm Allegro, after finding the firm was not the proper target for the claims. 

The competition regulator will not appeal a tribunal ruling that set aside its decision to block the $4.9 billion merger between ANZ and Suncorp, but promised it will continue to scrutinise the banking industry.

A judge has ordered soft class closure ahead of mediation in a class action against five major banks over alleged foreign exchange rate-rigging, saying the applicant’s subjective view on what will assist mediation should not be imposed on the banks.

A judge has questioned the applicant’s opposition to soft class closure in a class action accusing five major banks of rate-rigging, a measure the banks say could save “tens of millions” in legal expenses. 

Slater & Gordon is seeking summary dismissal of a case brought by a shareholder over the plaintiff firm’s takeover by private equity firm Allegro, saying it is not the right target for the claims.

The ACCC’s rejection of a $4.9 billion merger between ANZ and Suncorp was hardly surprising given the concentrated nature of the home loans market, but the competition regulator faced an uphill battle in having the decision upheld, an expert says.

The ACCC’s decision to block a $4.9 billion merger between ANZ and Suncorp has been set aside, with a tribunal finding the transaction will not substantially lessen competition in the home loans market or for agribusiness and SME clients in Queensland. 

ANZ has criticised the ACCC’s objection to its planned $4.9 billion merger with Suncorp, arguing before a tribunal that the alleged “uncertain” effects on competition in banking was not a sufficient reason to block the deal.

A self-managed superannuation that has taken Slater & Gordon to court over the acquisition of its shares in the firm by Allegro Funds is seeking to join the private equity firm to the proceeding.

A self-managed superannuation fund has taken Slater & Gordon to court to block the the acquisition of its shares in the firm as part of the plaintiff firm’s takeover by private equity firm Allegro Funds, saying the 55 cents per share price is not fair and reasonable.