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A judge has refused a bid by fund manager Blue Sky for an extension in a shareholder class action, saying the amount of costs wasted in the case by “unreasonable positions being taken” was "astounding".
Superannuation trustee Macquarie says a class action over the collapse of the Shield investor fund needs to back up its claim of loss, which it says must account for its remediation to members in a parallel case by ASIC.
IMB Bank has been hit with a lawsuit by a Perth-based fintech alleging the mutual bank breached the copyright and a licence agreement for its customer relations management software.
The super trustee has pointed the finger at third party firms in its defence to an action by ASIC over its offer of the failed First Guardian fund on its investment platform.
The private credit firm that backed bankrupt publican Jon Adgemis has failed in its fight for the costs of its court action against the corporate regulato over notices to produce documents it said were shielded by legal professional privilege.
ASIC has cancelled the credit licence of MWL Financial, the latest trouble for the collapsed advisory firm, which is being pursued by the corporate regulator for advising clients to invest their super in Keystone's failed Shield Master Fund.
A class action against REST Super has opposed a bid for 'soft' class closure, arguing that registration numbers will provide very little information about the group at this stage.
Another MWL Financial adviser has been disqualified from providing financial services for promoting the collapsed Shield investment fund to clients.
Greensill investor White Oak is not entitled to damages from IAG after it settled with broker Marsh in relation to $140 million in receivables, the insurer has told a trial court, saying it would amount to “double recovery”.
Insurer IAG has argued Greensill investor White Oak failed to verify the existence of $140 million in receivables for fear the deal wouldn't go ahead -- conduct, it says, that was “redolent of a deal that is too good to be true”.