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Class action

November

AMP will pay more than $100 million to exiting financial advisers under a proposal to bring a long-running class action to an end.

AMP share price jumps after $100m class action settlement

Analysts previously predicted the financial services giant could be on the hook for even more than this amount over the case, which related to its controversial adviser payout policy.

  • Hannah Wootton
Dixon Advisory settled with Shine.

E&P, Dixon Advisory settle class action over alleged conflict

E&P agreed to a $16 million settlement, which will also resolve claims against former Dixon CEO Alan Dixon and executive Christopher Brown. None will admit liability.

  • Carrie LaFrenz and Jonathan Shapiro
Optus staff were briefed on the company’s 14 per cent slide in half year earnings at its Sydney headquarters on Thursday

Optus crisis to shake up telco market

The telco has offered some mobile phone customers 200 gigabytes of extra data – estimated to be worth between zero and $70 depending on usage.

  • Jenny Wiggins and Paul Smith

October

Justice Angus Stewart said that “to proceed with the cruise carried a significant risk of a coronavirus outbreak, with possible disastrous consequences, yet they proceeded regardless”.

Ruby Princess liner negligent, misleading in COVID-19 trip

Justice Angus Stewart found the cruise company knew, or ought to have known, about the heightened risk of COVID-19 infection.

  • Updated
  • Maeve Bannister
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Retiring judge lashes long-running live export case

Cattle farmers have been suing the federal government over a live export ban since 2014 and Justice Steven Rares has described one of the claims in the case “absurd”.

  • Ronald Mizen
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Female solicitors in NSW continue to earn less than their male counterparts, despite outnumbering men in the profession.

‘Aggressive’ litigation funder Omni Bridgeway accused in UK fee fight

A lawsuit against the Perth-based firm is the first major challenge after a UK Supreme Court judgment effectively nullified most litigation funding agreements.

  • Ronald Mizen
CYBG, now known as Virgin Money, rejects RGL's allegations.

Angry British business customers drag NAB to the courtroom

An 11-week trial, six years in the making, could open the gates for a class action against the bank and its former British unit Clydesdale, now known as Virgin Money.

  • Hans van Leeuwen
Optus doesn’t want to release a report by Deloitte into its 2022 cyberattack.

Court ruling nears on Optus cyberattack report

A Federal Court justice is expected to rule shortly on whether Optus can stop a report by Deloitte on its 2022 cyberattack from being released.

  • Jenny Wiggins

September

Directors in Labor’s sights with sharemarket disclosure probe

Coalition-era reforms aimed at stymying shareholder class actions face the axe under the Albanese government, but first there will be a review.

  • Ronald Mizen
RCR Tomlinson took hefty writedowns on solar farms in Queensland before going into administration in November 2018.

RCR had ‘two sets’ of books, lawyers say after $40m settlement

The engineering group had dual accounts showing different pictures of its finances before it collapsed, lawyers said after settling a long-running class action lawsuit.

  • Jenny Wiggins

August

Qantas could be forced to pay customers back with interest.

Qantas sued over ‘misleading’ flight credits, refunds

Hundreds of thousands of passengers waiting for refunds could claim compensation for lost interest from Qantas.

  • Ayesha de Kretser
Class action crusader Erin Brockovich has been a long-standing ambassador for Shine.

Shine’s pelvic mesh victory turns sour

The legal firm tried to bill class action members the ‘usurious’ interest rates on loan facilities they didn’t know about.

  • Myriam Robin
Engineering group RCR Tomlinson collapsed in 2018 after losing money on solar farms

Investors question delays in RCR Tomlinson lawsuit

A class action against collapsed engineering group RCR Tomlinson that was filed almost five years ago will make a second attempt at mediation this month.

  • Jenny Wiggins

July

Cattle farmers were ordered by Justice Rares to return in October to make their case.

Cattle farmers in ‘cloud-cuckoo-land’ with live-export claim: judge

The claim is part of a near-decade-old class action resulting from a 2011 ban on exports to Indonesia, which Justice Rares previously found was unlawful.

  • Ronald Mizen

CBA’s former wealth arm settles class action for $100m

If approved by the court, the Colonial First State settlement will be the highest ever obtained by plaintiff law firm Slater and Gordon in a class action.

  • Hannah Wootton
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AMP will pay more than $900,000 to two financial advice outfits, and may be on the hook for more.

AMP class action damages could exceed $100m, analysts suggest

This would be material and further limit capital returns for shareholders, they warn, further clouding the investment case for AMP.

  • Hannah Wootton
AMP will pay more than $900,000 to two financial advice outfits, and may be on the hook for more.

AMP shares drop after class action loss

About $170 million was wiped from AMP after the Federal Court ruled the financial services giant would have to pay planners double what it had proposed.

  • Updated
  • Hannah Wootton

June

The prudential regulator has taken action against Medibank.

APRA hits Medibank with $250m punishment for breach

The Australian Prudential Regulation Authority will force the health insurer to hold the additional capital from July.

  • Updated
  • Lucas Baird
The action alleges Insignia Financial failed to disclose material misconduct including alleged insider trading and conflicts of interest, resulting in financial losses for shareholders.

Insignia under no obligation to disclose misconduct, court hears

Wealth giant Insignia Financial has argued it was under no obligation to disclose “appalling” misconduct to investors who are running a class action over losses.

  • Michael Pelly

May

Michael Hodge at the banking royal commission in 2018.

Banking royal commission silk enlisted for Insignia lawsuit

Barrister Michael Hodge KC, who in 2018 was counsel assisting the Hayne royal commission, will act for the wealth giant’s aggrieved shareholders.

  • Updated
  • Aleks Vickovich