QBE Underwriting has defended its decision to deny insurance coverage to the builder of Sydneyâs troubled Opal Tower development, claiming the cracking was not âmajorâ and did not cause last yearâs Christmas Eve evacuation.
The defendants in the Sydney Opal Tower class action have been formally banned from contacting represented group members about their claims while the proceeding remains on foot, after communications were allegedly sent to apartment owners.
The NSW government’s Sydney Olympic Park Authority, which is facing a class action brought by owners of apartments at the troubled Opal Tower, has laid the blame on the developer, designer and builder behind the project.
The prudential regulator is standing by its decision to bring proceedings against IOOF for alleged breaches of superannuation duties, despite criticism that such a “highly litigious regulatory environment” is placing immense pressure on financial services executives.
APRAâs purely documentary case against troubled fund manager IOOF has been dismissed by the Federal Court as âunpersuasiveâ, âfundamentally inadequateâ and âtenuous in the extremeâ, in another major blow to financial services regulators pursuing action in the wake of the banking royal commission.
Five IOOF executives will learn their fate this week when a judge rules on a disqualification bid by the prudential regulator, the first judgment to be delivered by a court in a case filed in the wake of last year’s scandal-airing banking royal commission.
Law firm Quinn Emanuel Urquhart & Sullivan will push forward with an investor class action against failed engineering company RCR Tomlinson on its own, with two firms driving competing actions agreeing to step down after a judge forcibly consolidated all three proceedings.
The plaintiffs in three competing RCR Tomlinson shareholder class actions have been told to âget their act togetherâ by the judge who forcibly consolidated their proceedings, after the parties revealed they were as yet unable to agree on joint funding terms.
A judge has promised the parties in the Sydney Opal Tower class action that the matter will be âresolved expeditiouslyâ, despite the plaintiffâs concerns that cross-claims by the defendant and procedural timeframes will cause delays.
The judge overseeing three competing shareholder class actions brought against RCR Tomlinson has refused to entertain a beauty contest, instead deciding to consolidate the proceedings whether the parties âagree or notâ.