Australia & New Zealand Banking Group Ltd. illegally charged customers for making late credit card payments, a judge said in the first ruling of its kind in Australia with lawsuits against other banks set to follow.
Centro Retail Australia, formed from a mall manager’s reorganization, and PricewaterhouseCoopers agreed in principle to a settlement of A$200 million ($202) million with Centro shareholders who claimed they were misled.
An Australian judge approved a A$25 million ($26 million) legal bill for the lawyers who won a record settlement in the country’s biggest price-fixing case, saying he did so with “some hesitation,” because the costs don’t comply with reforms to make litigation more efficient.
National Australia Bank Ltd. will be sued by shareholders who lost money because of the bank’s exposure to U.S. subprime debt, Maurice Blackburn, an Australian class-action law firm, said in an e-mailed statement.
Brookfield Multiplex Group’s A$110 million ($97 million) settlement with about 120 individual and institutional investors, who claimed they lost money because the company failed to disclose losses at London’s Wembley Stadium, was approved by the Federal Court of Australia.
Commonwealth Financial Planning, the investment adviser owned by Commonwealth Bank of Australia , gave bad advice that cost its clients millions of dollars, Maurice Blackburn Lawyers claimed in a lawsuit.