Ernst & Young is facing a claim for $12 million damages in a lawsuit over its auditing of collapsed soda ash maker Penrice.
The Australian Securities and and Investments Commission has won a $57.5 million judgment against two units of National Australia Bank for making misleading representations to superannuation customers regarding $100 million in fees charged for services they never received, far short of the $125 million sought by the corporate regulator.
A judge has slammed the pleadings in a $1 billion class action against Facebook and Google over cryptocurrency ad bans as “vague and general” and refused to let the matter progress until a better case is brought.
A former director of investment house Washington H. Soul Pattinson has won a damages payout of over $1.1 million after a court found that the ASX 100-listed company failed to pay her entitlements following termination of her employment without notice.
The trial scheduled for this month in ASIC’s case against the Mayfair 101 group has been pushed off as the regulator adds claims that the troubled investment firm misled investors and director James Mawhinney briefs lawyers to represent his companies.
A high ranking executive from the Commonwealth Bank of Australia has warned that an increase in class actions could discourage Australia’s best corporate leaders from joining company boards.
The judge overseeing professional misconduct claims against lawyers in the Banksia class action has denied a recusal application brought by Alex Elliott, the son of deceased class action lawyer Mark Elliott, who was joined to the proceedings in August.
An IOOF subsidiary sued over “bad advice” has failed in its bid to stop ASIC from using documents from the banking royal commission as evidence in the case, with a judge saying the company had already provided the material to the financial watchdog without objection.
Mayfair director James Mawhinney has been blocked from talking to investors ahead of a hearing on an application to wind up the IPO Wealth fund, after a judge raised concerns about investors being “misled and coerced” by the investment hotshot.
Irate bondholders of Axsesstoday Limited, which collapsed in 2019 after breaching its loan term conditions, have filed a class action against the asset finance lender and its accountant PwC seeking to recoup their losses.