The property developers behind two Canberra apartment complexes have been dealt a partial loss in two class actions against them, with a judge finding the developers misled the lead applicants about the GST payable on their units but that only some of them were entitled to compensation or restitution.
A class action against Westpac over allegedly excessive insurance premiums that was at the centre of a successful High Court challenge to common fund orders may back out of funding the case in the wake of the landmark ruling.
The Australian Prudential Regulation Authority will not challenge a Federal Court ruling that dismissed its case against fund manager IOOF as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”.
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.
APRA’s purely documentary case against troubled fund manager IOOF has been dismissed by the Federal Court as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”, 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.
The judge overseeing multiple class actions against Volkswagen over its dieselgate emissions scandal has said he will “need persuading” before reallocating the settlement approval to a different judge, because “that’s something that happens in Victoria”.
Boutique class action firm Bannister Law has been told “not to make too much noise” from its spot at “the back of the bus” in the VW dieselgate class actions, after its legal team flagged its intention to try and expedite the $127.1 million settlement approval process.
After four years of litigation, the Volkswagen diesel emissions class actions have reached an in-principle settlement of up to $127.1 million, with affected consumers expected to receive $1,400 per vehicle on average if 100 per cent participation is achieved.
The CEO of Lottoland says the company has “finally been vindicated” by a court ruling that overturned a decision by the Australian Communications and Media Authority that outlawed a number of its jackpot betting services.