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.
Westpac has objected to several proposed notices going out to group members in a class action over ājunkā consumer credit insurance, which three of the Big Four banks have agreed to pay $126 million to settle.
A judge has approved a $41 million settlement in a shareholder class action against Pitcher Partners but has reduced the funderās cut to $11.5 million after resolving a feud with the lead applicant over how much it should receive for taking the case to trial.
Insurer QBE has settled a class action over ANZ’s sale of allegedly worthless add-on insurance, and the applicants are āhopefulā that the bank and two other named insurers will soon reach a deal to resolve the claims against them.
Defence shipbuilder Austal and its CEO have agreed to pay a combined $700,000 in penalties for violating the Corporations Act by failing to notify the market of a US$90 million writeback related toĀ the company’s $3.5 billion US Navy warship program.
A judge overseeing the trial in a shareholder class action against chain logistics company Brambles has questioned the company’s use of long-term financial forecasts.
A judge has blessed Ernst & Youngās settlement with shareholders in a class action alleging the firm, along with Pitcher Partners, approved an overly rosy year-end financial report related to Slater & Gordon’s disastrous $1.2 billion acquisition of UK business Quindell.
A judge has rejected a bid by chain logistics company Brambles to allow two of its US-based witnesses to appear remotely at an upcoming trial in a shareholder class action, saying the executives should make the trip or give no evidence.
Ernst & Young has settled all claims against it in a shareholder class action alleging the Big Four accounting firm and Pitcher Partners signed off on an overly rosy year-end financial report that failed to disclose risks and impairments associated with the law firm’s disastrous $1.2 billion acquisition of UK insurance claims company Quindell.
The directors of mortgage aggregator Connective Services have been hit with indemnity costs for their “outrageous conduct” in pursuing litigation against a company shareholder, including giving false statements and destroying evidence.