A judge has ordered soft class closure ahead of mediation in a class action against five major banks over alleged foreign exchange rate-rigging, saying the applicant’s subjective view on what will assist mediation should not be imposed on the banks.
A judge has questioned the applicant’s opposition to soft class closure in a class action accusing five major banks of rate-rigging, a measure the banks say could save “tens of millions” in legal expenses.
Two former Fortrend Securities advisors, who face litigation over their defection to a rival, have hit back with a lawsuit of their own alleging the brokerage’s CEO sent a string of angry emails in a dispute over who should foot the bill for client expenses.
The ACCC’s rejection of a $4.9 billion merger between ANZ and Suncorp was hardly surprising given the concentrated nature of the home loans market, but the competition regulator faced an uphill battle in having the decision upheld, an expert says.
The ACCC’s decision to block a $4.9 billion merger between ANZ and Suncorp has been set aside, with a tribunal finding the transaction will not substantially lessen competition in the home loans market or for agribusiness and SME clients in Queensland.
National Australia Bank has lost its bid to shield a case by a Melbourne gold bullion dealer after a judge said one of the bank’s arguments for suppression had “the air of a Kafka novel”.
REST Super faces a class action alleging the supererannuation trustee deducted premiums for income protection insurance that provided no benefit to members.
The applicant in a class action against four AMP subsidiaries and two trustees over alleged excessive superannuation fees has flagged its opposition to soft class closure, saying it would be “completely inappropriate” to require the large class of up to two million group members to register ahead of mediation.
Commonwealth Bank of Australia and subsidiary CommSec have been hit with $10.34 million in penalties — the highest ever imposed in enforcement action by the workplace regulator — after admitting it underpaid thousands of employees more than $16 million.
In a case believed to be the first of its kind, the liquidators of boiler room trader Forex Capital Trading have sued ASIC, seeking to claw back over $20 million in fines and costs they says constituted unfair preference payments and should be distributed among the company’s out-of-pocket clients.