International Capital Markets Class Action

Background

Banton Group has filed a class action in the Supreme Court of Victoria against International Capital Markets Pty Ltd (IC Markets) and its founder Mr Andrew Budzinski on behalf of investors who suffered loss or damage as a result of trading contracts for difference (CFDs). A CFD is a highly leveraged financial product that allows the holder to make a trade based on their prediction of the likely movement in the value or price of an underlying asset.

The Proceeding

The Proceeding alleges that IC Markets and Mr Andrew Budzinski contravened various provisions of the Corporations Act 2001 (Cth) and the Australian Securities and Investments Commission Act 2001 (Cth).

Funding 

Banton Group intends to seek a Group Costs Order (GCO). A GCO in the Supreme Court of Victoria provides superior outcomes for Group Members as the GCO rate is the only deduction from the gross settlement sum before the distribution of the settlement proceeds.

Next Steps

If you are interested in registering  as a Group Member in this class action, or would like any additional information, please email icmarketsclassaction@bantongroup.com 
For the Class Action Summary Statement, please click here click here

CuDeco Class Action

Claim Summary

Banton Group acts on behalf of shareholders in a class action against the former directors, officers and auditor (KPMG) of a previously ASX listed company CuDeco Limited (In Liquidation) (ASX:CDU), alleging the contravention of various provisions of the Corporations Act 2001 including, inter alia, their continuous disclosure obligations.

The statement of claim may be accessed here.

Group Member Definition

You are a class member if you acquired an interest in fully paid ordinary shares in CuDeco Limited during the period between 11 April 2016 and 13 March 2018.

You will only be excluded from being a group member if you are:

  1. a related party of CuDeco (i.e. Directors, relatives, controlling entities);
  2. a related body corporate of CuDeco (i.e. holding company, subsidiary company, subsidiary of holding company);
  3. an associated entity of CuDeco (i.e. An entity is associated with another entity if they are members of the same corporate group, or if one entity has a certain degree of control over the other);
  4. an officer or a close associate of CuDeco (e.g. director, secretary, receiver, administrator, liquidator, trustee)
  5. a Justice, Registrar, District Registrar or Deputy District Registrar of the Federal Court of Australia or the High Court of Australia;
  6. Sinosteel Equipment & Engineering Ltd (Sinosteel);
  7. China Oceanwide International Investment Co. Limited, Oceanwide International Resources Investment Co., Limited, China Oceanwide Holdings Group Co., Ltd, Oceanwide Group Co., Ltd, Oceanwide Holdings Co., Ltd, or Zhiqlang Lu;
  8. Rich Lead Investments Pte Ltd.; or
  9. New Apex Asia Investment Limited
 

Opt Out Notice

The Opt Out Notice may be accessed here. The Opt Out Notice Form may be accessed here.

Court Orders

The Orders dated 21 December 2023 which set out the next steps in the proceedings may be accessed here.

Registration 

If you would like further information, please email us at cudeco@bantongroup.com

Qoin Class Action

Claim Summary

The Qoin Class Action seeks compensation (that is, money) for persons (the Group Members) who:

      A.      Since 1 October 2019:

                                 i.          bought one or more Qoin; and/or

                              ii.         accepted Qoin in exchange for the provision of goods or services; and          

      B.      suffered loss or damage by reason of the conduct alleged against the Respondents.

 

The Respondents to the class action are:

      1.       BPS Financial Pty Limited ACN 604 899 381;

      2.       Billzy Pty Ltd ACN 602 796 298;

      3.       PNI Financial Services Pty Ltd ACN 151 551 076;

      4.       Block Trade Exchange Pty Ltd ACN 604 087 407;

      5.       Qoin Association Ltd ACN 605 853 441;

      6.       Rajesh Kumar Pathak and

      7.       Antonie Hendrik Jakobus Wiese (Respondents).

 Pleadings

The Further Amended Originating Application may be accessed here.

The Further Amended Statement of Claim may be accessed here.

The Defence of the First, Second, Fourth and Fifth Respondents may be accessed here.

The Defence of the Third Respondent may be accessed here.

The Defence of the Sixth and Seventh Respondents may be accessed here.

The Reply to the Defence of the First, Second, Fourth and Fifth Respondents may be accessed here.

The Reply to the Defence of the Third Respondent may be accessed here.

The Reply to the Defence of the Sixth and Seventh Respondents may be accessed here.

Opt Out Notice

The Opt Out Notice may be accessed here. The Opt Out Notice Form may be accessed here.

Court Orders

The Orders dated 29 November 2023 may be accessed here.

Registration

If you would like further information, please email us at qoinclassaction@bantongroup.com  

Salt Lake Class Action

Banton Group is well advanced in its investigation of class action proceedings against Salt Lake Potash Limited (in admin) (receivers and managers appt) (SO4), its former directors and officers, and its auditors (Ernst & Young) (EY) (the Proceeding).

SO4 is a formerly dual listed ASX and AIM mining and exploration company (ASX:SO4; AIM:SO4) that was developing salt lakes in Western Australia to produce sulphate of potash or potassium sulphate.

The Proceeding

The Proceeding will allege that SO4 and its former directors and officers contravened various provisions of the ASX Listing Rules, the Corporations Act 2001 (Cth) (Corporations Act), the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) and the Australian Consumer Law.

In addition, the Proceeding will allege that EY contravened various provisions of the Corporations Act, the ASIC Act and the Australian Consumer Law to the extent that they contributed to or caused any damages by their representations in SO4’s audited annual and half-year financial reports.

Funding

The Proceeding will either be funded subject to a Group Costs Order or other appropriate contingency fee order sought. In either scenario, group members who join the class action will have no financial obligations or financial risk in connection with the Proceeding.

Next Steps

If you have any questions or would like any additional information or if you would like to register as a group member in the class action, click here.

CFD Class Action

Banton Group is in advanced investigations in respect of a potential class claim against one or more platforms that enable consumers to trade in contracts for difference (CFDs).  A CFD is a contract on the difference between the opening and closing price of an asset. The CFD platform is software that enables consumers to execute trades.

The anticipated class action will allege that the Companies and their authorised representatives contravened various provisions of the Corporations Act 2001 (Cth) (Corporations Act) and the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) each of which give rise to claims for damages by their retail clients.

The primary claims being investigated are in respect of the following trading platforms:

Register

It is important that you register your interest in respect of a potential claim against any of the trading platforms listed above. If you would like to register as a group member in the class action, please include the details of your CFD trades including date, buy/sell price, volume and platform, click here.


Zip Co Class Action

Background
Banton Group is well advanced in its investigation of potential claims against Zip Co; its directors and officers; and Deloitte Touche Tohmatsu (Deloitte), Zip Co’s auditor.

Zip Co is a large global financial technology company specializing in Buy Now Pay Later credit and payment services (BNPL).

The Proceeding
The anticipated class action will allege that Zip Co and its former directors and officers contravened various provisions of ASX Listing Rules, the Corporations Act 2001 (Cth) (Corporations Act), the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) and the Australian Consumer Law.

In addition, we are considering potential claims against Zip Co’s auditors, Deloitte, to the extent that they caused or contributed to any damage, by their deficient auditing of Zip Co’s annual and half-yearly financial reports.

Funding
The proposed proceeding will either be funded or a Group Costs Order or appropriate contingency fee order will be sought. In either anticipated scenario, group members who join the class action will have no financial obligations or financial risk in connection with the proceeding.

Next Steps
If you have any questions or would like any additional information or if you would like to register as a group member in the class action, click here

Arrium Class Action

Banton Group acts on behalf of shareholders in a class action against the directors and auditors of a previously ASX listed company, Arrium Ltd (in Liquidation) for amongst other things, misleading and deceptive conduct on behalf of shareholders.

If you are interested in registering to be a class member or would like further information click here.

S&P CDO & CPDO Ratings Class Action

Banton Group acts on behalf of investors in a class action against S&P Global, Inc and Standard & Poor’s International, LLC (S&P). The class action relates to some of the collateralised debt obligations (CDOs) and constant proportion debt obligations (CPDOs) assigned a credit rating of ‘AAA’, ‘AA+’, ‘AA’ or ‘AA-‘ by S&P around 2005 to 2007. Those who acquired interests in these products during or after this period, whether on a primary or secondary market, may be entitled to claim in the class action.

Class members have until 4:00PM AEST on 17 November 2023 to register or opt-out.

If you are interested in registering to be a Class Member or would like further information, click here

Financial Products Class Actions

Banton Group is investigating claims and acting for investors in claims relating to financial products including the following, among others:

  • Aramis – CLEAR Series 34
  • ARLO Limited Series 2006 OCL-1
  • ARLO Limited Series 2006 (Spinnaker III Asia – Class A)
  • Borealis No 1 CDO Limited Class B
  • Class V Funding III
  • Constellation 2007-1 Series Note
  • Corsair (Jersey) No.2 Limited Series 2006-72 – Newport
  • Echo Funding Pty Ltd Series 20
  • Far East Funding I SPC Limited Series 2007-18 Class B2
  • Fort Denison Funding
  • Helium Capital Limited Series 69
  • Helium Capital Limited Series 60 – Esperance
  • HSPI Diversified CDO Fund II
  • Khamsin Credit Products II B.V 13 2006-12 Class B
  • Momentum – Series 2007-12
  • Momentum – Series 5 2007-2
  • Obelisk Trust Series 2007-1 Class A
  • Obelisk Trust Series 2007-1 Class B
  • Obelisk Trust Series 2007-3 – Covent Garden
  • Omega Capital Investments II Plc Series 31 Class B-1A
  • Omega Capital Investments PLC Series 40 Class B – Henley
  • Port Jackson CDO 2007-1
  • Point Pleasant 2007-1
  • STACK 2006-2
  • STARTS (Cayman) Plc Class B1 – A1
  • Timberwolf I
  • Titian CDO PLC Series F
  • Zircon Finance Limited 2007-2 – Coolangatta
  • Zircon Finance Limited 2007-4 – Merimbula

 

If you invested in any of these financial products or others or would like further information click here.

HighLow Markets Pty Ltd Investigation

Banton Group is investigating a potential class action on behalf of people who have purchased binary options from HighLow Markets Pty Ltd.

HighLow is a company registered in Australia whose primary line of business is the issuing and trading of binary options to retail investors.

If you purchased HighLow options since 1 February 2015 and would like to register your interest in participating in any prospective class action or would like further information click here.

Murray Darling Basin Class Action

Banton Group acts on behalf of farmers and irrigators from the NSW Central Murray area of NSW and the Goulburn-Murray irrigation region in Victoria in representative proceedings against the Murray Darling Basin Authority (MDBA) and the Commonwealth alleging that, but for the MDBA’s negligent operation of the Murray-Darling Basin during the 2016/17 to 2018/19 water years, group members would have received greater water allocations (for example, there was a 0% allocation in the 2018/19 water year for NSW, and a 66% allocation in 2019/20 for Victoria).

If you are interested in registering to be a class member or would like further information click here.

Tyro Payments Ltd Investigation

Banton Group is investigating a possible class action on behalf of customers of Tyro Payments Ltd (ASX:TYR) who were affected by the widely publicised January 2021 terminal outage.  Tyro says the outage was caused by a connectivity issue, and affected many of Tyro’s electronic payment terminals used in businesses across Australia over a 19 day period.

If you are a Tyro customer, your business was affected by the Tyro terminal outage and you wish to express your interest in participating in any prospective class action, click here to provide details of your experience.

Class Action Schemes

Amanda Banton is the Scheme Administrator for the following current Schemes:

  • Arasor Class Action

 

For further information or to contact us click here

Past Class Actions and Schemes

Our team has acted for class members in the following matters, among others:

  • Arasor Class Action
  • Octaviar Notes Class Action
  • Financial Products Class Actions against:
    • Standard & Poor’s
    • Fitch Ratings
    • Banks including Commonwealth Bank, ANZ and ABN Amro
    • Lehman Brothers

 

For further information or to contact us click here.