Six of Australia’s biggest financial services firms have paid or offered to pay a total of $1.86 billion to customers who were wrongly charged fees for no service or were given bad advice.
A Victoria Supreme Court judge weighing for the first time an application by a law firm for a percentage cut of recoveries in class actions has been told to reject the bid because group members would fare better under the firm’s current no win, no fee funding arrangement.
Commercial and class action firm Banton Group is investigating a shareholder class action against embattled technology company Nuix in relation to its pre-IPO disclosures which could also ensnare shareholder Macquarie and its executives, auditor PricewaterhouseCoopers and the joint lead managers on its float.
Phi Finney McDonald is investigating a class action against technology company Nuix over its $2.5 billion float, following troubling reports about the Macquarie-backed company’s pre-IPO corporate governance and financial reporting.
The first ever application for a group costs order will be heard in class actions against ANZ and Westpac, and the judge weighing the application has urged the parties to think carefully about the evidence they will submit in support of their bid for a cut of any settlement or judgment.
Bondholders of Axsesstoday are seeking to expand their claims in a class action against the collapsed asset finance lender and its accountant PricewaterhouseCoopers, alleging PwC kept investors in the dark about a spike in the company’s arrears ratio prior to issuing a $50 million bond prospectus.
Macquarie Bank has been ordered to fork out $330,000 to dozens of former advisers for a “defective and deficient” system which saw the bank fail to pay a raft of employment entitlements.
Former Macquarie Bank financial advisers who claimed their commission pay structure left them shortchanged have won their case for back pay for annual and personal leave, in the first decision in a group of cases against the wealth manager.
Three former Macquarie Bank financial advisors who claim the bank underpaid them have successfully appealed a decision ordering them to hand over personal tax assessments, with an appeals court finding that the most the bank could make of the documents was to “inflict a degree of embarrassment” on its ex-employees.
Australia’s largest financial services institutions have paid or offered to pay more than $882 million to remediate customers affected by their fees for no service conduct, the Australian Securities and Investment Commission has revealed.