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AGL must pay $3.5M in energy regulator’s case over SA blackout
Energy & Natural Resources 2022-07-01 11:18 pm By Christine Caulfield

Three AGL Energy subsidiaries have been ordered to pay $3.5 million in penalties for breaches of energy rules that led to a statewide blackout in South Australia.

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Funder sells stake in Commonwealth Bank class action for $7.5M
Class Actions 2022-06-30 4:00 pm By Cat Fredenburgh

A litigation funder has reaped $7.5 million from the sale of a 20 per cent stake in a shareholder class action against the Commonwealth Bank of Australia over the bank’s allegedly lax money laundering compliance.

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Law firm behind ANZ, Westpac flex commission cases to try again for contingency fees
Class Actions 2022-06-23 9:18 pm By Sam Matthews

The law firm that lost the first ever application for a group costs order in class actions against ANZ and Westpac has indicated it will revive its bid, tweaking a retainer agreement with group members in hopes of winning the court’s approval this time.

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‘Regime has provided access to justice’: Judge OKs $56.3M Colonial class action settlement
Class Actions 2022-06-20 2:59 pm By Cat Fredenburgh

A judge has signed off on a $56.3 million settlement in a class action against wealth manager Colonial First State that will see Maurice Blackburn earn $14.5 million in costs, saying it was a good example of the class action regime in operation.

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Herbert Smith Freehills eyes tax law leader status with partner sweep
Tax 2022-06-20 1:49 pm By Christine Caulfield

As it severs ties with specialist outfit Greenwoods, Herbert Smith Freehills has brought on three tax law experts as part of the firm’s plans to beef up its commercial tax practice.

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Albanese government welcomes class action funder’s defeat of MIS regulation
Class Actions 2022-06-17 10:48 pm By Christine Caulfield

The federal government said Friday it would consider the implications of an appeals court’s finding that the managed investment scheme structure was unsuited to class actions, a ruling it said was a victory for ordinary Australians and a vindication for Labor.

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Judge signs off on consolidation in a2 Milk class actions
Class Actions 2022-06-16 11:34 pm By Cat Fredenburgh

A judge has allowed two law firms to jointly run a consolidated shareholder class action against dairy company a2 Milk, saying the arrangement was in the interests of group members and was “not novel”.

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Avanteos hit with $1.7M penalty in landmark criminal case over dead member fees
Financial Services 2022-06-15 9:52 pm By Christine Caulfield

Former Commonwealth Bank subsidiary Avanteos Investments has been slugged with a $1.7 million penalty after pleading guilty to charges it failed to update disclosure statements on products that continued to deduct adviser fees from accounts of dead superannuation members.

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Judge approves Blackstoneā€™s takeover of Crown Resorts
Corporate 2022-06-15 12:37 pm By Sam Matthews

A judge has given his approval to the takeover of Crown Resorts by US private equity group Blackstone.

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Sims settles shareholder class action for $29.5M
Class Actions 2022-06-10 9:43 am By Christine Caulfield

Recycling company Sims Limited will pay $29.5 million to settle a shareholder class action alleging earnings guidance for FY16 failed to account for the likely prospect of falling scrap metal prices.

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