$450m class action launched against NAB
Headline Legal News
A $450 million class action is being launched on behalf of National Australia Bank shareholders who lost money during the global financial crisis because of NAB's exposure to toxic debt.
Legal firm Maurice Blackburn will lodge the claim in a Victorian court tomorrow.
The firm says NAB had bought $1.2 billion in collateralised debt obligations (CDO) in 2006 which had a heavy exposure to the US sub-prime housing market.
It will allege that between early January and late July that year, NAB failed to properly disclose to shareholders all material information relating to its CDO exposure.
Related listings
-
Court Appoints Lawyer for Bernard Kilpatrick
Headline Legal News 11/03/2010It's the ongoing public corruption investigation that's led to charges against numerous city officials, including former Detroit Mayor Kwame Kilpatrick. It now appears his father could soon be at federal court, as well."The case looks like it's at a ...
-
BP expected to pay Florida $20M for seafood inspections
Headline Legal News 10/25/2010Florida Agriculture Commissioner Charles Bronson says BP will pay his department $10 million to strengthen its inspection operations to ensure that seafood taken from Gulf of Mexico waters is safe to eat.Bronson said Monday another $10 million from B...
-
Court won't speed challenge to MN disclosure law
Headline Legal News 10/04/2010A federal appeals court has declined to fast-track a challenge against a Minnesota law requiring disclosure of corporate political spending.In an order Monday, the 8th Circuit Court of Appeals denied a motion to expedite the case, and it scheduled or...
Workers’ Compensation Subrogation of Administrative Fees and Costs
When a worker covered by workers’ compensation makes a claim against a third party, the workers’ compensation insurance retains the right to subrogate against any recovery from that third party for all benefits paid to or on behalf of a claimant injured at work. When subrogating for more than basic medical and indemnity benefits, the Texas workers’ compensation subrogation statute provides that “the net amount recovered by a claimant in a third‑party action shall be used to reimburse the carrier for benefits, including medical benefits that have been paid for the compensable injury.” TX Labor Code § 417.002.
In fact, all 50 states provide for similar subrogation. However, none of them precisely outlines which payments or costs paid by a compensation carrier constitute “compensation” and can be recovered. The result is industry-wide confusion and an ongoing debate and argument with claimants’ attorneys over what can and can’t be included in a carrier’s lien for recovery purposes.
In addition to medical expenses, death benefits, funeral costs and/or indemnity benefits for lost wages and loss of earning capacity resulting from a compensable injury, workers’ compensation insurance carriers also expend considerable dollars for case management costs, medical bill audit fees, rehabilitation benefits, nurse case worker fees, and other similar fees. They also incur other expenses in conjunction with the handling and adjusting of workers’ compensation claims. Workers’ compensation carriers typically assert, of course, that, they are entitled to reimbursement for such expenditures when it recovers its workers’ compensation lien. Injured workers and their attorneys disagree.