'Without merit': IOOF class action dismissed

The Australian Federal Court has dismissed claims that IOOF (now known as Insignia Financial) shareholders overpaid for the firm's shares when it failed to publicly reveal misconduct, finding that information about issues that was known by IOOF did not have to be disclosed publicly and would not have impacted its share price. LLS Fund Services is backing the class action and will be liable for paying any legal costs ordered by the court.

More from Yahoo.