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Judge allows expanded insurance class action against NAB
Class Actions 2019-06-13 3:07 pm By Christine Caulfield

A judge has granted a bid by the applicant in a class action against National Australia Bank over the sale of allegedly worthless credit card insurance to include customers who took out personal loan insurance, in a ruling that could significantly expand the case.

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NAB may face beefed up class action over ‘worthless’ insurance
Class Actions 2019-06-12 3:55 pm By Cat Fredenburgh

Slater and Gordon is looking to significantly expand its class action against National Australia Bank over the sale of “worthless” credit card insurance to include personal loan customers who were sold allegedly unsuitable insurance policies.

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IOOF execs slam APRA for last-minute discovery as trial looms
Financial Services 2019-06-06 7:47 pm By Amelia Birnie

Former executives of wealth manager IOOF facing disqualification proceedings by the Australian Prudential Regulation Authority have criticised the prudential regulator for a late and extensive discovery request, saying it could “imperil” the July trial date.

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No more shots in Russian vodka trade marks case
Intellectual Property 2019-05-30 9:33 pm By Amelia Birnie

A dispute over allegedly stolen Russian vodka trade marks has been permanently stayed as an abuse of process, after the Russian Federation failed to provide adequate discovery of relevant materials.

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‘Sensible’ funder won’t stick toxic foam class with costs after last-minute common fund withdrawal
Product Liability 2019-05-30 3:33 pm By Miklos Bolza

A judge has praised funder IMF Bentham for not seeking to recover from group members the cost of a withdrawn common fund application in one of Shine Lawyer’s toxic foam class actions, agreeing instead to cop the loss itself.

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Investors to get their day in court over Credit Suisse ‘MINI’ warrants
Securities 2019-05-29 4:01 pm By Miklos Bolza

A Federal Court judge has ruled he has jurisdication to hear a case brought by a group of investors against a unit of Credit Suisse over complex derivative products known as MINI warrants, despite the bank’s argument that the claims allege breach of contract under common law, not federal law.

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NAB takes captive insurer, Lloyd’s units to court over coverage dispute
Insurance 2019-05-27 11:06 pm By Miklos Bolza

The National Australia Bank has filed a lawsuit against its Singapore-based captive insurance unit and three syndicates of global insurance giant Lloyd’s seeking coverage for two consumer redress schemes related to the bank’s sale of interest rate hedging products and fixed rate tailored business loans.

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Judge questions redacted funder’s commission in IAG class action
Class Actions 2019-05-24 1:46 pm By Miklos Bolza

A judge has raised questions about a redacted funding agreement in a class action against two IAG units over allegedly worthless add-on insurance products, saying the details were needed for a swift resolution of the case.

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Judge finds real risk of ASIC case against former IOOF exec
Financial Services 2019-05-20 9:05 pm By Amelia Birnie

Former IOOF chairman George Venardos will be allowed to object to incriminating evidence and discovery in proceedings brought by APRA, after a court found there was a real and appreciable risk that ASIC could also bring a civil case against him.

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WorleyParsons unit to contest $132M arbitration award in Vietnamese mining dispute
Arbitration 2019-05-20 12:40 pm By Miklos Bolza

Engineering firm Jacobs E&C, which was acquired by WorleyParsons last year, has said it will resist an arbitration judgment of around $132 million handed down against it in March to the operator of a Vietnamese mine.

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