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.

Black farmers and American Indians who say the United States discriminated against them and took their money for decades are a step closer to winning long-awaited government settlements.

Under legislation passed by the Senate on Friday, black farmers who claim discrimination at the hands of the Agriculture Department would receive almost $1.2 billion. American Indians who say they were swindled out of royalties by the Interior Department would split $3.4 billion. Both cases have languished for more than a decade, and plaintiffs say beneficiaries are dying off.

"The Senate finally did the right thing," said John Boyd, head of the National Black Farmers Association. "They stepped up and told the world civil rights still matter in America."

The legislation was approved in the Senate by voice vote Friday and sent to the House. The money had been held up for months in the chamber as Democrats and Republicans squabbled over how to pay for it.

President Barack Obama praised the Senate for finally passing the bill and urged the House to move forward on it. He said his administration is also working to resolve separate lawsuits filed against the department by Hispanic and female farmers.

Two Los Angeles County teenagers are suing Facebook, claiming the social network effectively sold their names and images to advertisers without parental permission.

The lawsuit filed Thursday in Los Angeles challenges a Facebook feature that allows members to note that they like an advertised service or product. Facebook broadcasts those endorsements to the user's friends.

The lawsuit also claims minors unwittingly endorse Facebook when people typing their names in a search engine are steered to a Facebook sign-up page.

The plaintiffs say Palo Alto-based Facebook is violating a California law that requires parental consent for children to make commercial endorsements. The teens seek unspecified damages.

Facebook spokesman Andrew Noyes says the lawsuit is meritless. He notes Facebook doesn't allow users under 18 to let their profiles appear on public search engines.

Law firm Shapiro & Fishman has accused Attorney General Bill McCollum of pre-election grandstanding and “abuse of power” in connection with McCollum’s recent announcement that his office is conducting a foreclosure fraud investigation into that firm and two others.

The allegations are in response to a coordinated investigation announced by McCollum during an Aug. 10 press conference. McCollum said his office is looking at whether the three South Florida firms engaged in unfair and deceptive actions in their handling of foreclosure cases.

The other firms were the Law Offices of Marshall C. Watson in Fort Lauderdale and the Law Offices of David J. Stern, P.A. in Plantation.

The firm’s response came Friday in a motion to quash a subpoena in Palm Beach County Circuit Court.

A former money manager convicted of trying to fake his own death in a Florida plane crash has agreed to plead guilty to securities fraud charges in Indiana.

Marcus Schrenker could face 10 years in prison in exchange for pleading guilty to five of 11 counts under a proposed plea agreement with Hamilton County prosecutors.

He could also be required to pay more than $600,000 in restitution. Schrenker is accused of bilking friends, family members and other investors of more than $1 million.

A hearing on the deal is set for Sept. 15 in Hamilton Superior Court in the Indianapolis suburb of Noblesville. A judge still has to accept Schrenker's plea before the agreement can take effect.

The only remaining dispute is whether Schrenker should serve his Indiana sentence at the same time as a four-year federal sentence out of Florida, Jeff Wehmueller, administrative chief deputy prosecutor in Hamilton County, said Thursday.