In the latest class action loss, a judge has said that $165 million in fees charged to members by NAB super fund trustee NULIS Nominees was corporate revenue “with which it was free to deal as it saw fit”.
A class action against NAB unit NULIS Nominees over adviser fees charged to superannuation fund members should be dismissed, a judge has found.
NAB unit NULIS Nominees was not only allowed to charge superannuation fund members fees for adviser commissions, it was “obliged” to do so, a court has heard during a class action trial over alleged conflicted remuneration.
NAB unit NULIS Nominees was “hopelessly conflicted” in continuing to charge allegedly unlawful adviser commissions to superannuation fund members, a court has heard on the first day of a class action trial.
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.
Avant Insurance has lost its bid to challenge a ruling which put it on the hook for indemnifying a plastic surgeon in class action proceedings over allegedly botched breast augmentations at a defunct NSW clinic.
A judge overseeing a class action against a unit of Suncorp Group has given his blessing to a settlement that will see only $14 million of its headline $33 million figure go to super members, despite finding the modest return was “far short of the maximum potential recovery” in the case.
The settlement figure in a class action against a unit of Suncorp Group has been revealed as $33 million, and super members are set to share in the net sum of $14 million, or 42.5 per cent of the deal.
A unit of Suncorp Group has reached an in-principle settlement in a class action over alleged conflicted remuneration on the first day of an expected 25-day trial.
An appeals court has found that Avant Insurance must indemnify a plastic surgeon for his legal bills and the claims of all relevant group members in a class action over alleged botched breast augmentations.