AMP has set aside $50 million in its financial statement for the first half of 2023 to cover potential liability in a class action won last month by financial advisers over the wealth manager’s buyer of last resort policy.
After winning a rare injunction restraining the owners of a patent from threatening litigation, carparking technology company UbiPark has prevailed in its claim the threats — aimed at itself and its customers — were unjustified.
The Commonwealth Bank has failed again to dismiss a case brought by customers who claim they were the victims of a money laundering scam known as cuckoo smurfing and had funds seized as proceeds of crime.
The lead applicant in a class action against AMP Financial Planning on behalf of 542 advisers has won $813,000 in damages after a judge found it could not retreat from a promise to buy back adviser businesses at four times their revenue.Ā
Trial in a protracted class action against Deloitte over the collapse of construction group Hastie has been abandoned, signalling a settlement is in the works.
CSIRO has won its bid to access samples of a wheat grain product with increased fibre, as it contemplates a possible patent infringement lawsuit against a South Australian food company.
An appeals court has said that while it might be desirable for law firms to disclose their involvement in drafting expert reports, they are not legally obligated to do so, overturning a finding that Corrs Chambers Westgarth went āfar beyond the permissible scopeā of involvement in a report prepared for a trade secrets case.
A judge has ordered MLC to pay $10 million for its āserious failureā to pay life insurance benefits to customers undergoing rehabilitation, in an ASIC case that also alleged the insurer failed to promptly update medical terms in policies.
MLC has agreed to cop a $10 million penalty for admitted breaches of the Corporations Act in an ASIC case that alleged the insurer failed to promptly update medical terms in policies and withheld payment of a life insurance benefit.
Damages for reduction in value under the Australian Consumer Law are at the centre of competing special leave applications to the High Court filed by Toyota and the lead applicant in a class action over defective diesel filters.