Banking giant ANZ, which is facing a class action over a flex commissions scheme by its former car finance business, has admitted that the calculation of car dealers’ commission was aimed at encouraging loans with interest above a “base rate”.
ANZ will fight to keep a sacked trader from accessing a client file held by HWL Ebsworth, citing privilege over the documents, a court has heard.
A sacked ANZ trader who alleges he was fired after making complaints about rate-rigging at the bank has sued his former law firm for allegedly withholding documents needed to amend his case against the big four bank.
ASIC has launched court proceedings against National Australia Bank accusing the bank of engaging in unconscionable conduct by charging more than $365,000 in fees to which it was not contractually entitled.
The first ever application for a group costs order will be heard in class actions against ANZ and Westpac, and the judge weighing the application has urged the parties to think carefully about the evidence they will submit in support of their bid for a cut of any settlement or judgment.
Global investment banks and executives accused of engaging in criminal cartel conduct in relation to a $2.5 billion ANZ share placement in 2015 will seek to quash the “incomprehensible” indictment filed against them, claiming it is full of “fallacies”.
Forty-four charges have been outlined in a long-awaited indictment in a criminal cartel case over a $2.5 billion ANZ share placement, including 29 charges against top executives from ANZ, Deutsche Bank and Citigroup.
Law firm Slater & Gordon has brought a class action against ANZ alleging former subsidiary OnePath Custodians breached its duties as a trustee of superannuation funds by slugging members with excessive fees to pay commissions to financial advisers.
The Federal Court judge who is now overseeing a high stakes criminal cartel case against several investment banks and individuals over a $2.5 billion ANZ share placement has ordered that an indictment be filed by February 1, telling the parties “we have to get this case moving” and that he hoped to move the matter to trial “before we all retire”.
A judge has thrown out the portion of a lawsuit brought by an ANZ trader who was sacked in 2015 that was brought under enhanced whistleblower protections that took effect in 2019, saying the civil remedy provisions do not apply retrospectively.