ANZ Bank will repay in full customers who were charged fees for no service after the corporate regulator pulled the bank up on its practice of partially remunerating some clients as part of a remediation program.
Ernst & Young, which has been named in a class action over its auditing of sandalwood producer Quintis, has filed cross-claims alleging Quintis should pick up the tab for any liability it may face in the proceedings.
AIG Australia has failed to convince the Full Federal Court that an insolvency exclusion in a directors and officers policy held by Kaboko Mining should exempt it from covering claims brought by the collapsed mining company against four former executives after a failure to repay a US$5.95 million loan allegedly led to the company’s insolvency.
The Australian Competition and Consumer Commission has rejected a resale price maintenance plan by Meredith Dairy that would block resellers from selling its goat cheese products below a specified price, saying the potential harm to competition was not outweighed by any benefits.
AUSTRAC has ordered buy now, pay later giant Afterpay to appoint an independent auditor to oversee its compliance with anti-money laundering laws.
The Australian Competition and Consumer Commission has raised competition concerns about rural supply giant Landmark’s proposed $469 million takeover of competitor Ruralco, a move that would consolidate two of the three largest players in the rural merchandise market.
The Australian Competition and Consumer Commission has come up short again in its challenge to Pacific National’s $205 million acquisition of competitor Aurizon’s Queensland freight terminal, with a judge shooting down the regulator’s request for a variation of Pacific’s undertaking that it will not block third parties from accessing the terminal.
Slater and Gordon is looking to significantly expand its class action against National Australia Bank over the sale of “worthless” credit card insurance to include personal loan customers who were sold allegedly unsuitable insurance policies.
Promises to pay out claims under vehicle warranties issued by a unit of car leasing giant McMillan Shakespeare were illusory because of a clause that gave the company “manifestly sweeping” discretion to reject any claim, a judge has ruled, in a victory for a class action over the allegedly worthless financial products.
The Australian Competition and Consumer Commission will seek more than $4 million in refunds plus penalties when it takes the troubled operator of the Jump! Swim School franchise and its top executive to court for alleged violations of the Australian Consumer Law.