The prosecution in a criminal cartel case against several banks and high-ranking executives over a $2.5 billion ANZ share placement has fought back against accusations that its indictment is “fundamentally flawed” and should be quashed.
The Australian Securities and Investments Commission has taken the Commonwealth Bank of Australia to court for slapping nearly 1 million customers with unauthorised monthly access fees totaling $55 million over a nine-year period.
A judge has ruled that a former ANZ trader who alleges he was fired after complaining about rate-rigging at the bank can amend his lawsuit after separate proceedings that accuse law firm HWL Ebsworth of withholding his client file are resolved, saying the HWL documents could contain a “golden nugget”.
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.