Firms face off in AMP class action

Original article by Michael Roddan
The Australian – Page: 19 : 30-Aug-18

A class action lawsuit against AMP over its fee-for-no-service is likely to be heard in the Supreme Court of New South rather than the Federal Court. Four law firms filed separate class action applications in the Federal Court, but Justice Jonathan Beach has ruled that they should be transferred to the Supreme Court where a competing lawsuit had already been filed. Justice Beach criticised the law firms, noting that their class actions are on behalf of a similar body of shareholders and cover similar grievances. Only one of the class actions will be permitted to proceed.

CORPORATES
AMP LIMITED – ASX AMP, SUPREME COURT OF NEW SOUTH WALES, FEDERAL COURT OF AUSTRALIA, QUINN EMANUEL URQUHART AND SULLIVAN LP, PHI FINNEY McDONALD PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, MAURICE BLACKBURN PTY LTD, SHINE LAWYERS, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

More join BHP Samarco class action

Original article by Peter Ker
The Australian Financial Review – Page: 17 : 23-Jul-18

More than 3,000 investors have agreed to participate in Phi Finney McDonald’s class action against BHP Billiton. They will seek damages for losses they incurred as a result of the Samarco iron ore tailings dam disaster in Brazil. The class action includes investors in BHP’s shares listed in Australia, the UK and South Africa. The class action will contend that BHP was aware of technical problems at Samarco and knew that there was a risk that the dam would collapse.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, PHI FINNEY McDONALD PTY LTD, VALE SA, SAMARCO MINERACAO SA, FEDERAL COURT OF AUSTRALIA, BOART LONGYEAR LIMITED – ASX BLY, TIMBERWEST FOREST LIMITED

Directors hit in Hayne fallout

Original article by Alice Uribe
The Australian Financial Review – Page: 1 & 2 : 9-Jul-18

Providers of directors’ and officers’ insurance have increased their premiums by an average of 70 per cent over the past six months due to costs incurred as a result of class actions. Eden Fletcher of Aon Risk Solutions notes that providers have moved to prevent further losses on class action policies they offer by inserting exclusions that would see them refuse to cover companies hit by class actions resulting from the banking royal commission. There are potentially up 20 class actions pending as a result of the royal commission, with AMP alone facing five lawsuits over its fee-for-no-service scandal.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AON RISK SERVICES AUSTRALIA LIMITED, AMP LIMITED – ASX AMP, CHUBB CORPORATION, BERKSHIRE HATHAWAY INCORPORATED, AUSTRALIAN LAW REFORM COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, RABOBANK AUSTRALIA LIMITED, QBE INSURANCE GROUP LIMITED – ASX QBE, AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, AMERICAN INTERNATIONAL GROUP INCORPORATED, XL CATLIN

Law firm hits CBA with class action suit

Original article by Cliona O’Dowd
The Australian – Page: 20 : 3-Jul-18

The Commonwealth Bank of Australia faces another class action over its money-laundering scandal. Law firm Phi Finney McDonald has filed a lawsuit on behalf of investors who bought CBA shares between 16 June 2014 and 3August 2017. The firm alleges that CBA’s failure to inform the market about the scandal constituted a breach of its disclosure requirements. The class action will allege that investors incurred loss and damage due to the bank’s inaction.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PHI FINNEY McDONALD PTY LTD, THERIUM PTY LTD, CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM, TEACHERS’ RETIREMENT SYSTEM OF TEXAS, MASSACHUSETTS PENSION RESERVES INVESTMENT MANAGEMENT BOARD, COLORADO PUBLIC EMPLOYEES’ RETIREMENT ASSOCIATION, MAURICE BLACKBURN PTY LTD, IMF BENTHAM LIMITED – ASX IMF

AMP hit with fourth class action

Original article by Michael Roddan
The Australian – Page: 23 : 8-Jun-18

Slater & Gordon is the latest law firm to formally file a class action lawsuit against wealth manager AMP in the wake of revelations that it charged clients for services that were not provided. Three other law firms have filed class actions to date, while Maurice Blackburn has yet to do so. Meanwhile, Kieren Chidgey of UBS estimates that financial planners who are affiliated with AMP and ANZ Bank are currently the least qualified to meet the new minimum education requirements for the sector that take effect in 2019.

CORPORATES
AMP LIMITED – ASX AMP, SLATER AND GORDON LIMITED – ASX SGH, UBS HOLDINGS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, IOOF HOLDINGS LIMITED – ASX IFL, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, QUINN EMANUEL URQUHART AND SULLIVAN LP, SHINE LAWYERS, PHI FINNEY McDONALD PTY LTD, SUPREME COURT OF NEW SOUTH WALES, FEDERAL COURT OF AUSTRALIA, BELL POTTER SECURITIES LIMITED

Fourth bid for AMP class action

Original article by Ben Butler
The Australian – Page: 19 : 15-May-18

Maurice Blackburn is the latest law firm to propose launching a class action against wealth manager AMP in response to the scandals exposed by the banking royal commission. Phi Finney McDonald and Quinn Emanuel Urquhart & Sullivan have filed class action lawsuits to date, while Slater & Gordon has also flagged possible legal action on behalf of AMP shareholders. Andrew Watson of Maurice Blackburn stresses factors other than the lowest commission rate will determine which class action is allowed to proceed.

CORPORATES
AMP LIMITED – ASX AMP, MAURICE BLACKBURN PTY LTD, PHI FINNEY MCDONALD PTY LTD, QUINN EMANUEL URQUHART AND SULLIVAN LP, SLATER AND GORDON LIMITED – ASX SGH, INTERNATIONAL LITIGATION FUNDING PARTNERS INCORPORATED, FEDERAL COURT OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE GROUP LIMITED – ASX MQG, IMF BENTHAM LIMITED – ASX IMF

AMP faces $2b class action

Original article by Misa Han
The Australian Financial Review – Page: 23 : 10-May-18

AMP has declined to comment on a move by law firm Quinn Emanuel to launch a class action against the embattled financial services group. The class action is open to investors who bought AMP shares between 4 May 2013 and 18 April 2018. Several other law firms may also pursue class actions against AMP following the banking royal commission’s revelations that the group had charged fees for services that were not provided and had lied to the Australian Securities & Investments Commission.

CORPORATES
AMP LIMITED – ASX AMP, QUINN EMANUEL URQUHART AND SULLIVAN LP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SLATER AND GORDON LIMITED – ASX SGH, PHI FINNEY McDONALD PTY LTD, SHINE LAWYERS

Three lawsuits looming for AMP

Original article by Ben Butler, Michael Roddan
The Australian – Page: 1 & 2 : 24-Apr-18

AMP has declined to comment on reports that it may face multiple class action lawsuits after the misconduct of its financial planners was exposed by the banking royal commission. Slater & Gordon and Shine Lawyers have advised that they are considering class actions on behalf of AMP clients, while Quinn Emanuel Urquhart & Sullivan expects to launch its own class action within weeks. Meanwhile, the inquiry has been told that many clients who received poor financial advice from AMP have yet to be informed that they have lost money.

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, SLATER AND GORDON LIMITED – ASX SGH, SHINE LAWYERS, QUINN EMANUEL URQUHART AND SULLIVAN LP, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, PROPERTY SAINT, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Nine exposed to potential class action over Don Burke allegations

Original article by Dana McCauley
The Australian – Page: Online : 28-Nov-17

The Nine Network is to investigate sexual harassment, bullying and assault allegations made against Don Burke by female staff and associates. The accusations against Burke, host of the long-running "Burke’s Backyard" show that was broadcast on Nine, were made as part of an investigation by the ABC and Fairfax Media. Roger Singh from Shine Lawyers notes media firms could be hit with significant damages claims if it was found they were negligent in their duty of care in terms of staff that had been the subject of abuse.

CORPORATES
NINE NETWORK AUSTRALIA LIMITED, AUSTRALIAN BROADCASTING CORPORATION, FAIRFAX MEDIA LIMITED – ASX FXJ, SHINE LAWYERS, CTC PRODUCTIONS PTY LTD

Westpac ‘rips off clients’ with life insurance

Original article by Anthony Klan
The Australian – Page: 1 & 6 : 13-Oct-17

Shine Lawyers is leading a class action against Westpac and its BankSA, St George and Bank of Melbourne subsidiaries. The legal action alleges that Westpac charges more for life insurance policies when taken out through a Westpac financial planner than through a non-Westpac planner. Janice Shaddler of Shine says the Westpac customers it is representing are feeling "incredibly let down" for having trusted their Westpac adviser to do the right thing by them. A spokesman for Westpac says it will investigate the allegations.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, BANK OF SOUTH AUSTRALIA LIMITED, ST GEORGE BANK LIMITED, BANK OF MELBOURNE LIMITED, SHINE LAWYERS, SHINE CORPORATE LIMITED – ASX SHJ, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA