ANZ has been hit with a $10 million penalty in a case brought by the Australian Securities and Investments Commission alleging the bank’s home loan ‘introducer’ referral program breached credit laws.
A Chinese crypto miner has won its equipment back, for now, after a Melbourne business it charged with looking after the machines allegedly allowed four other businesses to access them, culminating in a five-way stoush involving an ambulance and police.
A judge has approved a $1 million settlement in a shareholder class action against failed tech start-up GetSwift that leaves the law firm running the matter taking a āmassive haircutā and the funder $5.5 million out of pocket.
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 $1.5 million class action settlement against failed logistics provider GetSwift, which a judge termed a “disaster”, has been revised down to $1 million and may face a liquidators’ challenge that could see a group members recover nothing.
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.
Liquidators of failed tech company GetSwift have foreshadowed an objection to a $1.5 million settlement going to shareholders in a class action that a judge has labelled a ādisaster”.
The High Court has turned down the appeal of the former Blue Star Helium CEO who was hit with a $40,000 penalty and four-year ban after the company failed to disclose to shareholders the identity of the buyer behind a botched sale of Texas oil assets.
A judge has hit Optus, Telstra, and TPG with a total of $33.5 million in penalties for misleading thousands of NBN customers into paying for internet speeds that could not be achieved.