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.
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”.
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.
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.
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.
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.
Prosecutors have withdrawn two-thirds of the charges in a criminal cartel case over a $2.5 billion ANZ share placement and have dropped their case against former Citigroup CEO Stephen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.
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.
Investment banks accused in the criminal cartel case over a $2.5 billion ANZ share placement will not lose their right to a fair trial with the release of a judgment finding the prosecutors’ indictment deficient, a judge has ruled.
A judge has ordered the Commonwealth Director of Public Prosecutions to file a replacement indictment to address defects in the document at the centre of its criminal cartel case over a $2.5 billion ANZ share placement in August 2015.