Brokerage firm International Capital Markets says a class action over risky financial products must put up or shut up when it comes to claims in the case that neither applicant has standing to bring.
The applicant in a suit against S&P over alleged defective ratings can tweak its pleadings ahead of a June trial, with a judge rejecting S&P’s argument the changes introduce a new case.
A judge has agreed to delay a trial by five months in a group of cases over supply chain finance company Greensill’s $1.7 billion collapse, over the vehement protests of the firm’s administrator.
Details of a settlement with AIG in a class action by investors in failed Linchpin reveal the insurer has paid out all of a $10 million policy and will hand over another $2.15 million in interest and costs.
Westpac is arguing timelines prepared by law firm Allens are privileged and should not be handed over in a shareholder class action over its alleged lax compliance with anti-money laundering laws.
Mills Oakley has hired two new partners for its financial services and national property teams.
Debt management firm Solve My Debt Now will face trial over claims by the Australian Securities and Investments Commission that it left vulnerable customers worse off, despite indicating last year it would admit liability.
Advisory firm Perpetual has lost its bid for an injunction against a former senior advisor after 22 of his long-time clients tried to follow him to a rival firm.
A former Trademax trader who allegedly worked for a rival platform while employed by the firm has been ordered to court for questioning over claims he did not have access to crucial documents.
APRA has increased ANZ’s capital add-on requirement by $250 million to account for operational risks, after a report highlighted “persistent and prevalent” problems at the bank.