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Judge rejects $42M Murray Goulburn class action settlement, says funder’s cut too high
Class Actions 2019-10-16 2:07 pm By Christine Caulfield

A judge has refused to sign off on a $42 million settlement of a class action against dairy giant Murray Goulburn, saying the commission sought by the funder appeared out of proportion to the risk and above the going rate.

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Dick Smith cases to be heard together, after insurance class action plaintiffs drop discontinuance bid
Class Actions 2019-10-15 11:20 pm By Amelia Birnie

A judge has ordered all proceedings against Dick Smith to be heard concurrently during a marathon three month trial, after the plaintiffs in a shareholder class action brought against the failed electronics retailer’s insurers aborted a fleeting bid to temporarily discontinue their case.

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Corrs retained by AMP financial planners to weigh class action
Financial Services 2019-10-15 10:44 pm By Christine Caulfield

Corrs Chambers Westgarth has been retained by the AMP Financial Planners Association to weigh a possible class action against the wealth manager over its plan to cut the number of authorised advisers and retreat from a promise to buy back their businesses at a set multiple.

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ANZ says ASIC overreaching in case over ‘periodical payment’ fees
Financial Services 2019-10-15 9:17 pm By Miklos Bolza

ANZ has rejected allegations by the financial regulator that $35 million in fees charged to customers for periodical payments between accounts was unlawful, saying the regulator’s case extended the scope of false and misleading representation claims.

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Surfstitch agrees to settle shareholder class actions, again
Class Actions 2019-10-15 3:40 pm By Cat Fredenburgh

Online fashion retailer Surfstitch has reached an in-principle settlement in two shareholder class actions, about nine months after an initial agreement to resolve the dispute derailed.

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With Full Court still out, judge vacates trial date in Vocation class action
Class Actions 2019-10-11 10:52 pm By Christine Caulfield

Awaiting a Full Court ruling in a case involving similar claims of privilege against self-incrimination by partners at another accounting giant, the judge in a consolidated class action against PricewaterhouseCoopers over its auditing of the failed Vocation has vacated the February trial date.

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‘Only briefed yesterday’: Arnold Bloch Leibler barrister raises ire in class action
Class Actions 2019-10-11 9:53 pm By Christine Caulfield

Counsel for a class action against Arnold Bloch Leibler alleging negligence over advice to Slater & Gordon has criticised the law firm’s barrister for seeking more time to file a possible dismissal application because he was “only briefed yesterday”, saying the excuse had become an all too frequent one.

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Ex-Dick Smith directors seek damages against Deloitte over $520M float
Class Actions 2019-10-11 4:43 pm By Miklos Bolza

Two former Dick Smith directors targeted by dual class actions have expanded their case against Deloitte over the retailer’s 2016 collapse, saying if the company was found liable for shareholder losses then the auditor should be blamed for its shoddy work on the company’s financial statements during its float three years earlier.

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Lawyers running Bellamy’s case want to expand class to equity swap investors
Class Actions 2019-10-11 12:30 pm By Christine Caulfield

One of two shareholder class actions against infant food maker Bellamy’s for allegedly misleading investors about its China growth strategy and declining infant formula market share in Australia wants to expand the class definition to include purchasers of equity swaps.

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Funder in Toyota class action wants up to 30% commission
Class Actions 2019-10-10 10:25 pm By Christine Caulfield

The litigation funder bankrolling a new class action against Toyota over allegedly faulty filters in its diesel models is looking to earn a step-up commission of between 20 and 30 percent of any recovery in the case.

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