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
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
