David Galloway

Industry View

Investor class actions

Class actions allow a group (or class) of people to bring a single claim against a defendant, and the fastest growing type of class actions are those initiated by investors. Trustees that don’t register for investor class actions are leaving member’s money on the table, says David Galloway, lawyer and fund executive. It might seem […]
Insurance

How to tackle aggressive insurance litigation

Fund executive and lawyer David Galloway proposes a method for how funds should manage lawyers who launch insurance litigation before there’s anything to argue about. Lawyers who get involved in death and disablement claims tend to fall into two categories. The largest is where the lawyer advises their client well, ensures a rapid flow of […]
Unintentional

In praise of the Dodd-Frank Act

Traditional anti-fraud measures can’t deal with systematic financial misconduct. Lawyer and superannuation executive David Galloway, writes in praise of the Dodd-Frank legislation. Confronted with systemic financial misconduct on an unprecedented scale during the GFC, US law makers paused to ask why it occurred and came to what seemed like startlingly obvious conclusions. Firstly, they reasoned […]
Policy and Regulation

Victorian tax puts fund in breach of MySuper rules

This article was written by David Galloway a lawyer and superannuation executive Trustees of MySuper Products have been handed a nasty surprise by the Victorian Government that could put most in breach of their MySuper Authorisation. Part 2 of the Duties Act 2000 (Vic) has become big news in superannuation because sections 176 to 196 […]
Policy and Regulation

How regulation costs members

Lawyer and superannuation executive David Galloway gives his thoughts on some of the most costly pieces of regulation impacting on members. Some trustees might feel a justifiable sense of confusion around the issue of regulatory costs savings. While the government has established a regulatory cost saving initiative, that didn’t prevent it inflicting a new SuperStream […]
Unintentional

Legal pitfalls for funds in tender documents

A little understood legal principle could turn your next outsourcing exercise into an expensive headache, says David Galloway, in house lawyer for a leading super fund. By sending out a request for submission or tender document the issuer will almost always create a side contract called a process contract, exposing it to legal action if […]
Investment Strategy

How new privacy laws impact trustees

The most significant suite of changes to privacy law in over twenty years take effect on 12 March 2014. In order to comply trustees must have a privacy complaints process and a new type of privacy policy. Most importantly they must control how the personal information they collect is stored, accessed and used, or risk […]
Governance

Cyber crime threat to superannuation

In a bid to protect members’ data and money from hackers, First Super is considering the practicality of completely isolating its member database from the internet. Under its plan, no terminal that can access the master database will be connected or connectible to the internet. This might seem far fetched and some in the industry […]
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