The prudential regulator is standing by its decision to bring proceedings against IOOF for alleged breaches of superannuation duties, despite criticism that such a “highly litigious regulatory environment” is placing immense pressure on financial services executives.
APRA’s purely documentary case against troubled fund manager IOOF has been dismissed by the Federal Court as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”, in another major blow to financial services regulators pursuing action in the wake of the banking royal commission.
Five IOOF executives will learn their fate this week when a judge rules on a disqualification bid by the prudential regulator, the first judgment to be delivered by a court in a case filed in the wake of last year’s scandal-airing banking royal commission.
A judge has approved a common fund application in a class action against two IAG entities over add-on insurance said to be worth up to $1 billion, saying it was only fair to make all group members pay to fund the litigation.
The Queensland Supreme Court has upheld the legality of litigation funding agreements in a landmark class action judgment that could have a ripple effect across other states in Australia.
German-based 3A Composites has issued an ultimatum in the high-stakes combustible cladding class action against it, saying it will try to shut down the matter as a representative proceeding if group member registration and opt out are not initiated.
From October 1, the Australian Competition and Consumer Commission will apply an updated cartel immunity and cooperation policy, with the changes said to reflect the ACCC’s experiences from key criminal investigations undertaken to date. The ACCC is also launching an online portal to allow whistleblowers to anonymously report alleged cartel conduct directly to the ACCC. Here, King & Wood Mallesons partner Peta Stevenson and senior associate Jacqueline Ibrahim tells you what you need to know about these significant developments.
The operator of a Vietnamese mine has dropped its Federal Court proceedings against WorleyParsons subsidiary Jacobs E&C over the enforcement of a $132 million arbitration award.
The Australian Securities and Investments Commission has filed an appeal against the Federal Court’s responsible lending ruling in favour of Westpac, arguing the decision had created uncertainty around the obligations of credit providers.
Norton Rose Fulbright will have to wait another six months before a long-running dispute with a former partner will be heard, after the ex-employee successfully argued it would be “ludicrous” for the trial to proceed.