HSBC has hit back at ASIC’s claims that it failed to protect customers from scams, denying it breached its legislative duties despite admitting some of the regulator’s allegations concerning its compliance with the ePayments code, a voluntary code of conduct.
ASIC has expanded its case alleging HSBC failed to protect customers from scams, revealing a compliance manager at the bank had found that teams tasked with monitoring unauthorised transactions “had no understanding” of the liability provisions in the ePayments Code.
A Federal Court judge has criticised HSBC for failing to comply with court orders in the corporate cop’s case alleging the bank failed to protect customers from scams.
British banking giant HSBC could face a new claim in ASIC proceedings alleging it failed to adequately protect customers from scams, a court has heard.
Isuzu is not giving up its bid to slam the brakes on a suit by car alarm company Directed Electronics over alleged trade secrets theft.
Vehicle maker Isuzu can’t shut down an $18 million suit by car alarm company Directed Electronics over a former employee’s alleged theft of trade secrets.
A judge has approved a $29 million settlement in a class action against Westpac over ‘junk’ consumer credit insurance, a deal that earns the bank’s customers at least $19.6 million.
A $47 million settlement in a class action against ANZ — one of three settlements in a series of class actions against the big banks over ‘junk’ consumer credit insurance — was fair and reasonable, a judge has said.
Class action settlement sums reached new highs last year, with the ten largest agreements totalling almost $1 billion, almost half of which was secured by one plaintiff law firm.
Westpac has lost a bid to keep group members in the dark about the premiums paid for allegedly worthless consumer credit insurance, information the bank said could inflate expectations about settlements worth $126 million reached in three class actions.