AMP has appealed its loss in a class action over changes to its buyer of last resort policy, under which the wealth manager slashed the amount it would pay financial advisers for their books of business.
General Motors could be stuck paying more costs than it bargained for after it settled with the lead plaintiff in a class action over a decision to retire the Holden brand.
Holden dealers in a class action over GM’s decision to retire the brand in March 2020 have taken issue with the car maker’s counterfactual in defence, which argues the plant supplying Holden’s best-selling models would have closed anyway.
The lead plaintiff in a class action by dealers over a decision to retire the Holden brand has settled its claim with General Motors, but is set to remain as the lead plaintiff in the case.
Defending a class action by dealers over a decision to retire Holden, General Motors argues it would have been forced to close the unprofitable plant that manufactured the vehicles for the Australian market even absent the 2020 withdrawal of the iconic brand.
The possibility that a NSW judge will revoke a contingency fee order made in a class action over Arrium’s collapse is irrelevant to whether the proceedings should be transferred from Victoria to the appropriate forum, Arrium’s auditor KPMG has told a court.
The lead applicant in a class action against AMP Financial Planning on behalf of 542 advisers has won $813,000 in damages after a judge found it could not retreat from a promise to buy back adviser businesses at four times their revenue.Ā
Car dealers that brought a class action against General Motors over its decision to retire the Holden brand in Australia are refuting the car maker’s claims that they did not mitigate their alleged losses, telling the court they signed 1-year support agreements which GM has yet to execute.
A judge has imposed a $14.5 million penalty on five AMP entities, saying it was āsurprising and concerningā that the wealth manager deducted $356,000 from customers’ superannuation accounts for advice they never received, despite numerous complaints.
ASIC has told a judge AMP should face a $17.5 million penalty for deducting $356,000 from customers’ superannuation accounts for advice they never received, saying the wealth manager had shown “no real contrition” for its conduct.