Settlement

Group members in a class action against ANZ over credit card interest charges that settled for $57.5 million are expected to take home at least 60 per cent of the settlement sum after legal fees and a funder’s commission are deducted.

Generic drug maker Mayne Pharma has resolved a shareholder class action centred on disclosures connected to price-fixing claims by US regulators.

Nine will pay $3 million to settle a class action over its coverage of litigation related to the 2004 Palm Island riots, it has been revealed, after the class action failed to suppress the settlement sum.

A class action on behalf of Axsesstoday bondholders has reached a settlement with accountants PricewaterhouseCoopers, with a court hearing that group members will get almost 50 per cent of the proceeds. 

Five federal officers have dropped their defamation case against former ACT prosecutor Shane Drumgold over his complaint concerning their investigation into Brittany Higgins’ sexual assault claims against Bruce Lehrmann.

The lead applicant in a class action over the alleged unlawful detention of 240 Indonesian children and the Commonwealth are locked in a battle over the construction of a $27.5 million settlement reached last year.

A judge has approved a $40 million settlement in a shareholder class action against collapsed engineering firm RCR Tomlinson, with almost half of the settlement to go towards a funder’s commission and legal fees. 

The judge overseeing a consumer class action against wealth manager Colonial First State Investments has given the green light to a $100 million settlement, but questioned a $23.1 million cut to funder Augusta under a “strange” funding agreement.

A judge has approved a $25 million settlement in a class action against a group of surgeons who worked for the Cosmetic Institute, including a $8.9 million payout for the lawyers that ran the seven-year-old case, saying the deduction from the settlement was reasonable given the “very significant discount” applied to the legal bill.

Approving a settlement between insurers and group members in an investor class action against lender Axsesstoday, a judge has aired his frustration with expansive confidentiality provisions and deeds that “misapprehend the nature of the court’s role” in dealing with group members’ claims.