IOOF claims final class action victory
IOOF has confirmed final settlement at no cost to itself of a class action brought against law firm Quinn Emanuel linked, in part, to a failed legal action mounted by the Australian Prudential Regulation Authority (APRA).
IOOF confirmed to the Australian Securities Exchange (ASX) yesterday that the Supreme Court of NSW had approved discontinuance of the class action with no order as to costs.
IOOF said in its ASX statement that it was not making any payment to the plaintiff, its lawyers, its funder or any class member.
Quinn Emanuel confirmed it was discontinuing the class action in May.
The class action had been premised on APRA’s ultimately failed prosecution of IOOF directors and executives over alleged misconduct.
The class action had alleged that IOOF shareholders had sustained losses after misconduct and enforcement action by the Australian Prudential Regulation Authority was revealed at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.