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.

A case involving AT&T that goes before the U.S. Supreme Court this week has sweeping ramifications for potentially millions of consumers.

If the court rules for the telecom, any business that issues a contract to customers, such as for credit cards, cell phones or cable TV, could prevent them from joining class-action lawsuits.

This would take away one of the most powerful legal tools available to consumers in such cases, particularly those involving relatively small amounts of money. Class-action suits allow plaintiffs to band together in seeking compensation or redress, giving more heft to their claims.

It'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 point where decisions have to be made both by the prosecutors and by Mr. Kilpatrick," said Peter Henning, a former federal prosecutor.

This time that Mr. Kilpatrick is Bernard Kilpatrick, the father of the disgraced former mayor.

Kwame Kilpatrick is already facing charges related to raiding the Kilpatrick Civic Fund, but now his father has asked for a federal defender - a sure sign he's in trouble, too.

"A target letter is often viewed as an invitation to someone to make contact with the government and explore the possibility of resolving the case," Henning said.

He said it's not clear what the charges would be against the elder Kilpatrick, who is long suspected of orchestrating pay-to-play deals involving city contracts. However, whatever money he might have made appears to be gone. Bernard Kilpatrick had to sign an affidavit of indigency to qualify for a court appointed attorney.

Early returns show voters rejected Initiative 1098 being rejected with about 65 percent of the vote to 35 percent in unofficial returns.

Initiative 1098 would institute a new state tax on the top 1 percent of incomes to pay for education and health programs while trimming state property and business taxes. The campaign follows January’s overwhelming decision by Oregon voters to increase taxes for corporations and wealthier households.

"I'm particularly gratified the way Initiative 1098 is going down to defeat. I don't think we're going to see that kind of initiative back anytime soon," said former Senator Slade Gorton.

Initiative 1098 campaign was referred to as the "battle of the billionaires."

Microsoft co-founder Bill Gates and his father are among the wealthy Washingtonians who joined labor unions and other traditional Democratic allies to support the tax-the-rich ballot measure. Opposing 1098 were Amazon.com founder Jeff Bezos, Microsoft co-founder Paul Allen, Microsoft CEO Steve Ballmer, Boeing, Russell Investments, Paccar Inc., software billionaire Charles Simonyi and members of the Nordstrom family.

And, big money was thrown into the fight. Supporters of the initiative spent more than $6.1 million, while the campaign against it spent more than $5 million of the $6.4 million raised.

The Idaho Supreme Court on Monday lifted a lower court order that prevented ConocoPhillips from moving giant refinery parts along a rural highway across the state.

In a 3-2 decision, the court said that Judge John Bradbury of Idaho's Second Judicial District Court and the Supreme Court itself, had no authority to rule on a permit issued by Idaho's highway department allowing the movement of giant coking unit parts along the U.S. Highway 12.

"The district court lacked jurisdiction, as does this Court, to consider respondents' petition for judicial review," wrote Justice Warren Jones in the court's opinion announcing the decision.

Residents along Highway 12 had sought to block a contractor for Conoco from moving giant coking unit drums, weighing up to 323 tons (293 metric tons) and stretching 225 feet (68.58 meters), from the port of Lewiston, Idaho, to the state's border with Montana.