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Virgin says funder’s $5M security in investor class action ‘unsatisfactory’
Class Actions 2022-08-08 2:10 pm By Cindy Cameronne

Virgin Airlines has argued a litigation funder’s indemnity for its legal costs is not enough for it to bring a class action on behalf of bond holders over a 2019 prospectus, claiming the airline expects to spend more than $5 million defending the proceedings.

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Judge accepts Linchpin directors’ penalty privilege claims in class action
Class Actions 2022-08-04 2:43 pm By Cindy Cameronne

A judge has allowed four ex-Linchpin directors facing possible fines by ASIC to put off filing evidence or amended defences in an investor class action after they claimed it would put them at risk of penalty in the corporate regulator’s proceedings.

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Quintis class action settlement takes hit as insurers win appeal
Insurance 2022-05-19 4:39 pm By Cindy Cameronne

Two insurers have won an appeal that blocks group members in a class action against sandalwood producer Quintis from receiving a further $11.25 million after a settlement was reached almost two years ago. 

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Woolworths employees shouldn’t be ‘cast adrift’ from class action, judge says
Class Actions 2022-05-12 3:43 pm By Christine Caulfield

Explaining his decision to reject a class action settlement that would have earned a law firm $1.75 million but provided nothing to 27,000 Woolworths employees, a judge has said the agreement created a conflict of interest between the solicitors and the workers they sought to set “adrift”.

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AFCA lacked impartiality in decision against IronFX, court rules
Financial Services 2022-03-17 10:16 pm By Cindy Cameronne

Online trading platform IronFX has won its action against the Australian Financial Complaints Authority over a finding it wrongfully caused an 83 year-old French resident to lose his life savings.

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‘Troubled’ judge won’t sign off on Woolworths class action settlement
Class Actions 2021-12-15 5:39 pm By Cindy Cameronne

Saying it will only benefit the law firm and lead applicants, a judge has refused to approve a settlement in an underpayments class action against supermarket giant Woolworths, which would see no payout to employees.

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Investors lose joint appeal bid to boost slice of Halifax liquidation assets
Restructuring & Insolvency 2021-10-27 3:13 pm By Miklos Bolza

Investors in collapsed stockbroker Halifax Investment Services have failed to overturn decisions in Australia and New Zealand relating to the date of realisation of their investments which have decreased the amount they can recover in the company’s liquidation.

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Judge scolds Linchpin liquidators for ‘unsatisfactory’ conduct in class action
Class Actions 2021-08-20 4:31 pm By Miklos Bolza

A judge has criticised the liquidators of collapsed financial group Linchpin Capital after they failed to inform the court whether they intend to defend class action proceedings or if default judgment should be made against the company.

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Former Citigroup boss escapes ANZ cartel case as prosecutors slash charges
Competition & Consumer Protection 2021-08-17 11:33 pm By Christine Caulfield

Prosecutors have withdrawn two-thirds of the charges in a criminal cartel case over a $2.5 billion ANZ share placement and have dropped their case against former Citigroup CEO Stephen Roberts, according to a lawyer in the case.

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Linchpin liquidators get final chance to defend class action
Class Actions 2021-07-23 2:14 pm By Miklos Bolza

A judge has given the liquidators of Linchpin Capital a final chance to defend a shareholder class action before judgment is made against the collapsed financial services group and one of its subsidiaries.

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