Cam Truong

A judge has ordered wealth manager Mercer Financial Advice to pay a $12 million penalty for “extremely serious” fees-for-no-service conduct and breaches of its fee disclosure obligations, in a case brought by the Australian Securities and Investments Commission. In the case, filed in June last year,  ASIC alleged that Mercer charged 761 customers a total…

A judge has ordered two AMP units to pay a total of $24 million after finding the wealth manager acted unconscionably in charging insurance premiums and advice fees to deceased customers.

A judge has stayed an Australian lawsuit filed by food delivery service HungryPanda against competitor Fantuan over the acquisition delivery platform EASI until a related UK lawsuit is resolved, amid a fight for control of the local Asian food delivery market.

Microsoft has won a pittance for copyright infringement but copped a “substantial costs order” in its six-year-old intellectual property suit against a Melbourne computer retailer over its Windows 7 software, which previously netted the Silicon Valley giant a $2.8 million payout from Judge Sandy Street that was slammed as a “regrettable” judicial failure.

A judge has dismissed the majority of Microsoft’s six-year-old intellectual property suit against a Melbourne computer retailer over its Windows 7 software, which previously netted the Silicon Valley giant a $2.8 million payout from Judge Sandy Street that was slammed as a “regrettable” judicial failure.

A judge has imposed a $14.5 million penalty on five AMP entities, saying it was “surprising and concerning” that the wealth manager deducted $356,000 from customers’ superannuation accounts for advice they never received, despite numerous complaints.

ASIC has told a judge AMP should face a $17.5 million penalty for deducting $356,000 from customers’ superannuation accounts for advice they never received, saying the wealth manager had shown “no real contrition” for its conduct.

AMP has admitted ASIC’s allegations that it acted unconscionably in charging life insurance premiums and advice fees to deceased customers, but the wealth manager will go head to head with the regulator over how much it should pay for its contraventions.

AMP has admitted two of its units charged customers fees for no service but denied it acted unconscionably in a case brought by the corporate regulator alleging it continued to charge advice fees and life insurance premiums to customers who had died. 

AMP has admitted to contraventions and will face a penalty in ASIC proceedings over fees-for-no-service conduct that allegedly led to upwards of $600,000 being unlawfully withdrawn from superannuation member accounts.