S&P Global Ratings has reached a settlement in an Australian class action by investors who bought toxic products rated healthy by the U.S. credit reporting agency ahead of the global financial crisis, a deal that includes over $4.6 million in legal fees.
A tech start-up that failed to deliver on a promise that investors would triple their money and was found liable for the entire investment has won a major reversal of the ruling on appeal.
Vodafone has been hit with a class action in the US alleging it failed to inform shareholders that it violated Australian law by selling pre-paid mobile phones without first verifying customers’ identities.
The Royal Bank of Scotland has reached a settlement in a consumer protection class action on the eve of trial in the Federal Court.
The Federal Court judge overseeing the sale of Billabong has set a March date for a meeting of shareholders to weigh the company’s proposed sale to surfwear rival Boardriders.
Members of a class action against Slater and Gordon have until Tuesday to make their case against the $36.5 million settlement hammered out by Maurice Blackburn’s lawyers.
The Australian Securities and Investments Commission could get more teeth under a new proposal by a Turnbull government taskforce released Tuesday, with penalties for corporate crime tripling from $1 million to $3 million.