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On the first day of a seven-week class action trial, a judge has heard that AMP Superannuation failed to renegotiate interest rates with AMP Bank for up to 12 years, despite investing as much as $2 billion in customers' superannuation with the bank.
A judge has dismissed a class action against ex-CBA unit Count Financial alleging that it breached it duty to act in clients’ best interests and ensure adviser remuneration was free of conflict.
A judge has approved a settlement in a class action against crypto firm BPS Financial that gives group members and the funder alleged worthless Qoin, an outcome described as “better than nothing”.
Construction PRO
Cladding maker 3A Composites has lost its bid to set aside a cross-claim in a suit against the builder of the Tempo residential towers in Botany Bay over allegedly flammable aluminium composite panels.
Defunct education provider Captain Cook College and its parent company have been penalised over $30 million for enrolling thousands of vulnerable students who accrued $60 million in debt.
Construction PRO
In a court fight between engineering firm Clough and its former joint venture partner Elecnor, a judge has questioned Elecnor’s “extremely inconvenient” bid to send Clough’s $54 million cross-claim to arbitration in Singapore.
Coal producer TerraCom has agreed to pay $7.5 million to resolve ASIC proceedings alleging it made misleading statement to the market that damaged a whistleblower's reputation.
Australian Tax Office whistleblower Richard Boyle has pleaded guilty to four charges connected to disclosures he made against his employer, but will avoid jail.
A judge has upheld ASIC's privilege claim over a solicitor’s notes from an interview with a tech start-up boss involved in the ASX program to replace its CHESS system.
Insurer Marsh has fired off a cross-claim against Swiss bank UBS in several cases brought over Greensill’s $1.7 billion collapse.