The Australian Securities and Investments Commission has suffered a defeat in proceedings alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, with a judge finding the regulator “ignored the circumstances” in which the product was distributed.
Lighthouse Corporation was holding “a gun to the headā of the court in seeking to adjourn a $480,000 bid for security in a dispute with East Timor over $328 million in alleged losses from a failed fuel supply agreement, a judge has said.
A judge has approved $32 million in penalties against Westpac in two cases brought by the corporate regulator accusing the bank of misleading thousands of āvulnerableā customers about their debts and failing to manage the accounts of deregistered companies.
A judge has signed off on a $20 million penalty against Westpac subsidiary BT Funds Management for improperly charging 9,000 members insurance premiums that included commissions to financial advisers, a practice that was banned in 2013.
The directors of mortgage aggregator Connective Services have been hit with indemnity costs for their “outrageous conduct” in pursuing litigation against a company shareholder, including giving false statements and destroying evidence.
Two directors of mortgage aggregator Connective engaged in oppressive conduct towards a minority shareholder and Macquarie Bank was a “knowing participant” when it acquired $5 million worth of shares in the company, the NSW Supreme Court has found.
Environmental groups fighting to protected the threatened greater glider have defeated VicForestsā bid for security for costs after a judge found the orders would āstifleā litigation in the public interest.
Convenience store giant 7-Eleven must hand over $595,000 to a franchisee found to have signed a franchise agreement and invested almost $796,000 into a Melbourne store under false pretences.
Another fight over privilege may be on the cards in a shareholder class action over the collapse of the Hastie Group, with Deloitte flagging its partners may claim privilege over certain parts of the accounting giant’s evidence.
Grain producer Viterra, which has been ordered to pay $293 million to Cargill Australia for making misleading representations during the sale of malt producer Joe White, rejected an offer to settle the lawsuit for $85 million, a court has heard.