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Showing 1 - 10 of 81 results for "class actions"

Financial services class actions surge

JAMIE WILLIAMSON  |  WEDNESDAY, 20 MAR 2024
Following a brief reprieve, the number of class actions targeting the financial services sector escalated significantly in 2023. According to a report from Allens, the banking and financial services sector was the second biggest target for class actions ...

Commonwealth to disclose climate risks in sovereign bonds

ROSE MARY PETRASS  |  THURSDAY, 31 AUG 2023
... which the court will consider when making its decision on whether to approve the settlement. This occurs in all class actions in Australia. If approved, the settlement will require the government to publish a statement on the Department of the Treasury's ...

AMP settles class action for $110m

KARREN VERGARA  |  MONDAY, 21 AUG 2023
... misconduct by the Financial Services Royal Commission. In May 2019, the NSW Supreme Court ordered the litany of class actions levelled against AMP to merge into one after the Hayne Royal Commission exposed scathing revelations that included among other ...

CFS settles super fees class action

JAMIE WILLIAMSON  |  FRIDAY, 14 JUL 2023
... arrangements in place with financial advisers that were not in customers' best interests," Slater and Gordon class actions practice group leader Kirsten Morrison said. It is the largest settlement achieved by the law firm in a group proceeding to ...

Super, advice class actions dampen CBA results

KARREN VERGARA  |  WEDNESDAY, 15 FEB 2023
... continues to put out fires from its misconduct stemming from the Hayne Royal Commission, as it looks to tackle several class actions in 2023. One ongoing lawsuit alleges that Colonial First State Investments Limited (CFSIL) kept members from the CFS ...

ANZ to pay $42m in insurance lawsuit

CASSANDRA BALDINI  |  MONDAY, 14 NOV 2022
... we have been able to resolve these group proceedings and that eligible customers will benefit," Slater and Gordon class actions senior associate Alex Blennerhassett said. "Class actions are one way people can take on big corporations, including Australia's ...

UK regulator flags big redress bill likely for Link

JAMIE WILLIAMSON  |  WEDNESDAY, 14 SEP 2022
... withdraw their money when this was discovered. Link made the decision to wind up the fund in October of that year. Class actions ensued and Link Fund Solutions is a defendant in several. The FCA said its current view is that Link Fund Solutions may be ...

Commonwealth Bank profit nears $10bn

CASSANDRA BALDINI  |  WEDNESDAY, 10 AUG 2022
... which is accounted for as an investment in a joint venture." The group is currently defending itself against several class actions filed against it in Federal Court. Three are in relation to superannuation products while another superannuation class ...

AIST proposes crisis preparedness standards to APRA

ANDREW MCKEAN  |  WEDNESDAY, 11 MAY 2022
... separately to funds indicated that no existential threat to trustees' financial resilience existed. However, whereas once class actions were rare under prior legislation as fund assets were preserved, now a pool of available capital in the trustee risks ...

E&P pulls the plug on DASS

KARREN VERGARA  |  WEDNESDAY, 19 JAN 2022
Amid a slew of class actions and regulatory problems, the troubled superannuation subsidiary of E&P Financial Group is now in voluntary administration. PwC has been called in as voluntary administrators of Dixon Advisory and Superannuation Services ...
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