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Court finds Viterra engaged in deceit during $420M Joe White sale
Competition & Consumer Protection 2022-01-28 10:58 am By Cat Fredenburgh

Food giant Cargill Australia has won its lawsuit against Glencore-owned Viterra alleging it misrepresented the performance capabilities of malt producer Joe White when it sold the company for $420 million in 2013.

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Colonial First State ordered to pay $20M for misleading 13,000 MySuper members
Financial Services 2021-10-19 2:18 pm By Miklos Bolza

The Federal Court has slugged wealth management firm Colonial First State Investments with a $20 million penalty for misleading almost 13,000 superannuation members about their MySuper entitlements through a “concerted campaign” that lasted two years.

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CBA’s Colonial agrees to $20M penalty for misleading MySuper statements
Financial Services 2021-10-12 5:43 pm By Bianca Hrovat

The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.

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CBA unit faces penalty for misleading superannuation members
Financial Services 2021-09-08 2:25 pm By Miklos Bolza

Commonwealth Bank of Australia unit Colonial First State Investments is facing penalties after the Federal Court found it misled its customers about their rights and obligations relating to the MySuper reforms passed by the federal government in 2012.

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Allianz units fined $1.5M for misleading insurance sales on Expedia
Insurance 2021-09-07 2:23 pm By Cindy Cameronne

Allianz Australia and its travel insurance unit AWP Australia have been hit with $1.5 million in penalties in ASIC’s case alleging the insurance companies misled customers while selling travel insurance on Expedia websites.

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ASIC wants Allianz to pay $1.5M penalty for travel insurance sold on Expedia
Insurance 2021-07-13 1:46 pm By Miklos Bolza

ASIC is seeking $1.5 million in penalties against insurers Allianz and AWP after they admitted to misleading or deceiving the public by selling travel insurance to ineligible customers through three Expedia-owned websites.

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Judge won’t keep sales figures confidential in epic Cargill, Viterra battle
Corporate 2021-05-11 3:55 pm By Miklos Bolza

A Victoria Supreme Court judge has rejected a post-trial bid to keep details of the 2019 sale of Cargill’s malt business under wraps in a long-running case over Viterra’s $420 million sale of its Joe White business, finding the move would be contrary to the principles of open justice where no harm from disclosure had been demonstrated.

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‘Hardly seems worth the powder and the shot’: Judge asks why ASIC still pursuing CBA MySuper case
Financial Services 2021-03-24 3:00 pm By Cindy Cameronne

A judge has questioned why ASIC is still pursuing its case CBA unit Colonial First State over statements made to 12,000 fund managers during the transition to MySuper accounts, after the bank admitted it misled members in 61 of the 80 phone calls at the heart of the case.

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Top judge nudges ASIC, Allianz away from ‘bastardised’ pleadings in travel insurance case
Insurance 2020-11-11 3:28 pm By Spencer Fowler Steen

The Federal Court’s top judge has cautioned ASIC and insurers Allianz and AWP against presenting a “bastardised form of pleading” in the financial watchdog’s action over the alleged misleading sale of travel insurance to over 31,000 consumers.

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Judge tosses Viterra’s ‘wholly unreasonable’ bid to reopen Cargill case
Corporate 2020-04-17 3:26 pm By Cat Fredenburgh

Grain handling group Viterra has been denied a post-hearing bid to reopen a lawsuit brought by Cargill Australia over its $420 million acquisition of Joe White, with a judge finding the application would lead to “substantial disruption and delay”.

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