NAB unit NULIS Nominees was not only allowed to charge superannuation fund members fees for adviser commissions, it was “obliged” to do so, a court has heard during a class action trial over alleged conflicted remuneration.
A class action against a director of defunct financial services firm Hodgson Faraday is headed to the High Court after seven years of litigation, with the director appealing findings that he was involved in misleading South Korean investors.
NAB unit NULIS Nominees was “hopelessly conflicted” in continuing to charge allegedly unlawful adviser commissions to superannuation fund members, a court has heard on the first day of a class action trial.
Westpac has been hit with a class action for allegedly overcharging superannuation customers for insurance coverage, months after paying $30 million to settle a separate superannuation class action.
A bondholder class action against Virgin is heating up, with the airline filing a cross-claim seeking the court’s approval to demand periodic payments from the applicant to cover its costs under a contentious indemnity clause.
A class action against the AFL on behalf of players who allegedly suffered brain injuries will expand its group definition to include family members and dependents, while a competing case by the widow of Shane Tuck has been dropped.
Twenty-five barristers have joined the rank of silk in NSW, including one who represented AMP in a class action that settled for $100 million and another who is assisting the Commonwealth in its fight to recoup $325 million in excess subsidies in a dispute over generic Plavix.
Maurice Blackburn will seek $26 million in costs from a $110 million settlement in a long-running class action against AMP over its fees-for-no-service conduct, leaving more than three-quarters of the settlement to be distributed to group members.
A class action on behalf of 121 children who allege they were wrongfully detained in adult prisons or immigration detention due to flawed age testing has settled for $27.5 million.
The judge overseeing a slow moving class action against four AMP subsidiaries and two trustees over alleged excessive superannuation fees has expressed his frustration with delays in the case, fixing the case for trial over the wealth manager’s protest.