AMP has added two law firms to separately represent its subidiaries in one of two class actions alleging it charged its superannuation members excessive fees.
A senior partner at a Sydney-based law firm has denied he made a “deliberate decision” to withhold advice from a former client suing for alleged breach of duties and conflict of interest over a rejected $4.45 million settlement in an employment dispute with Westpac.
The Australian Securities and Investigations is making up for lost time, ramping up its investigation and litigation efforts following a blistering critique by the banking royal commission of its soft enforcement approach.
The Federal Court’s top judge has urged ASIC and ANZ to continue their “litigation good faith” in the corporate cop’s action over $35 million in allegedly illegal customer fees charged by the bank, and cautioned the two sides against slogging it out with a “staged trench warfare” mentality.
After defeating the corporate regulator’s case alleging it breached responsible lending laws, banking giant Westpac has won a reprieve from lodging a defence in a related class action.
A judge has ordered a group of banks facing a competition class action over alleged foreign exchange rate-rigging to hand over documents they produced as part of settlement agreements in class actions in the US and Canada.
The funder behind a class action against a unit of car leasing company McMillan Shakespeare for allegedly engaging in unfair tactics when selling car warranties is seeking a 25 per cent cut of any settlement reached in the case.
Pitcher Partners has been ordered to hand over information about its professional indemnity insurance in two shareholder class actions over its role as Slater & Gordon’s auditor.
Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.
A judge has criticised two units of global finance firm TP ICAP Group for “unnecessary and over technical interlocutory skirmishes” as they seek damages from two employees who jumped ship to a competitor and allegedly tried to poach staff.