Slater & Gordon has filed a shareholder class action against the a2 Milk company over its 2021 financial year guidance, and four subsequent earnings downgrades.
A judge has told a Colonial First State Investments unit to provide information about its financial position to the lead applicant in a class action and criticised the company for failing to disclose that it had transferred its liabilities after the class action was launched.
Health tech giant Philips Electronics has been hit with a class action on behalf of consumers who say they have suffered injury and economic loss from using sleep apnea machines with an alleged safety defect that caused them to inhale dangerous chemicals and degrading foam particles.
AMP has flagged a potential stay of a lawsuit filed by a Sydney-based financial planner against that overlaps with a class action brought by advisors alleging they suffered financial losses from changes in the company’s buyer of last resort policy.
Law firms have railed against proposed legislation to ensure group members receive 70 per cent of any recoveries from class actions, saying the reforms were designed to “cripple” group proceedings.
The Morrison government has released draft legislation claimed to “promote a fair and reasonable distribution of class action proceeds” that includes a proposed 30 per cent cap on the amount funders and lawyers can recoup.
A law firm representing a property developer in an investigation of a potential class action against failed asset manager Blue Sky Alternative Investments is seeking access to the firm’s insurance documents to decide whether it is “worthwhile” to launch proceedings.
A $78 million class action against National Australia Bank and Walton Construction seeking compensation for sub-contractors after the company’s collapse has halted as lawyers scramble to comply with the managed investment scheme requirements for funded class actions implemented by the Morrison government.
The New Zealand arms of ANZ and the Commonwealth Bank have been hit with a multimillion dollar class action alleging they have failed to repay fees and interest wrongly charged to 150,000 customers who took out home or personal loans with the banks.
The Morrison government has been hit with a class action on behalf of Indigenous Australians who allege that, because of differences in life expectancy, they do not have fair and equal access to the age pension.