A lawsuit seeking to increase D&O insurance for sandalwood producer Quintis in the wake of a class action settlement has fallen short of the $40 million in additional coverage sought, but a Federal Court decision may see a further $11.25 million go to group members.
A judge has thrown out the portion of a lawsuit brought by an ANZ trader who was sacked in 2015 that was brought under enhanced whistleblower protections that took effect in 2019, saying the civil remedy provisions do not apply retrospectively.
A judge has allowed documents obtained from examination proceedings against directors of Linchpin Capital to be used in a class action against the failed financial services group.
A judge has given his blessing to investors to pursue a class action against financial services firm Linchpin Capital and its subsidiary Endeavour Securities, saying there was a strong possibility the failed companies’ alleged liability would be covered by an insurance policy.
Insurers of sandalwood producer Quintis have told a court that a rectification suit brought by the applicants in two class actions seeking to increase D&O coverage by $40 million, “makes no sense”.
Insurance policies that may be worth up to $46 million and have derailed settlement approval in two class actions against sandalwood producer Quintis were “cobbled together” and contained errors and omissions, a court has heard.
A senior officer from the ACCC has rejected claims that the regulator took legal advice from immunity applicant JPMorgan before launching its high profile criminal cartel case against ANZ, Citigroup and Deutsche Bank.
A former high-ranking Deutsche Bank executive charged with involvement in an alleged cartel agreement relating to a $2.5 billion ANZ share placement claims he was dragged into the case becaused of the “incredibly slapdash” methods of the ACCC.
ANZ Banking Group has slammed a decision by the ACCC to escalate concerns that one of its key cartel witnesses was not being “full and frank”, claiming this was a way to put pressure on the witness and bring his evidence into line.
The ACCC’s investigatory techniques have come under fire during a hearing over an alleged criminal cartel agreement between ANZ and two investment banks, with a barrister for one of the banks suggesting investigators from the regulator deliberately did not take notes during hundreds of days of witness interviews to avoid disclosure.