Financial Services

A judge has been asked to approve a $64.25 million settlement in a class action against the trustees of the MLC Super Fund, hearing the settlement, reached just prior to the dismissal of a similar class action, was on the “higher end”. 

The applicant in a failed class action by members of NAB's MLC Super fund can't access a settlement deed in a separate class action against the fund trustee, which resolved days after the applicant's case was thrown out.

ASIC has won winding up orders against investment firm Falcon Capital and its managed investment scheme First Guardian Master Fund, after raising concerns about potential risks to investors. 

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.