National Australia Bank has been hit with a $18.5 million fine after admitting to allegations by ASIC that it failed to adequately disclose its adviser fees for five years.
National Australia Bank has admitted in court it broke the law by charging fees it was not entitled to collect, but the bank and the corporate regulator are $25 million apart on what is an appropriate penalty.
National Australia Bank has urged a court to impose a $15 million penalty for its five-year failure to adequately disclose its adviser fees, and has argued ASIC’s push for a steeper penalty goes too far.
Count Financial has failed in its bid to put a former financial advisor’s insurers on the hook for a $15.3 million lawsuit brought by his former clients, as the accounting services company seeks to claw back its losses allegedly resulting from the advisor’s breaches of his duty of care and skill.
National Australia Bank’s “grossly deficient” systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.
A judge has ordered a group of banks facing a competition class action over alleged foreign exchange rate-rigging to hand over documents they produced as part of settlement agreements in class actions in the US and Canada.
A judge has granted Cargill Australia’s request to call a King & Wood Mallesons solicitor that represented Viterra as a witness in the epic trial over the $420 million sale of Viterra’s Joe White business to Cargill in 2013.
Viterra is blaming several former employees for representations made about malt quality in the lead-up to the $420 million sale of its Joe White business to Cargill Australia in 2013.
7-Eleven has lost its bid to use a confidential bulletin sent to class members via WhatsApp as defence evidence in an ongoing franchisee class action, with a judge rejecting the company’s claims the document was no longer shielded by legal professional privilege.