Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.
The Australian Securities and Investments Commission is planning to sue ANZ over $35 million in allegedly illegal customer fees, which were also at the centre of two class actions settlements reached last year under which customers are expected to walk away with no more than $100 apiece.
The corporate watchdog has warned ārobustā enforcement action is on the cards for banks and lenders, after a review found consumer credit insurance policies to be “extremely poor value for money”, paying out as little as 11 cents per dollar spent in premiums on average.
Prosecutors will oppose a bid by ANZ, Citigroup, and Deutsche Bank to cross-examine witnesses at the upcoming committal hearing of the criminal cartel case over ANZ’s botched $2.5 billion institutional share placement.
A judge has dismissed failed winemaker David James latest bid to overturn a $14 million guarantor judgment against him and in favour of ANZ, saying much of his sworn evidence was āmanufacturedā and āobviously tailored to suit his caseā.
ANZ Bank has secured a stay of the corporate cop’s civil penalties proceeding over disclosures related to its $2.5 billion equity capital raising while it fights criminal cartel charges related to the controversial share placement.
Failed winemaker David James has launched a fresh bid to overturn a $14 million judgment for ANZ against him, telling a court he is still pursuing the bank after six years because the dispute has “taken his life’s work”.
ANZ Bank will not pay a cent to franchisees in its settlement of two class actions that allege the bank breached its responsible lending obligations and engaged in unconscionable conduct by giving loans to purchasers of 7-Eleven franchises.
While no means a flood, the class actions filed in response to the shocking evidence of misbehaviour at last year’s banking royal commission have been steadily flowing and show no signs of drying up. Here, we give you the round-up of cases launched so far, the latest developments in each, and what’s coming down the pipeline.
ANZ Bank will repay in full customers who were charged fees for no service after the corporate regulator pulled the bank up on its practice of partially remunerating some clients as part of a remediation program.