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ACCC officers face pre-trial grilling in ANZ cartel case as judge questions need for committal
Competition & Consumer Protection 2021-10-12 11:24 pm By Christine Caulfield

Five enforcement officers of the Australian Competition and Consumer Commission will be cross-examined by lawyers for banks facing price fixing charges over their conduct following ANZ’s $2.5 billion capital raising six years ago.

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ANZ wins access to JPMorgan settlement chats in cartel case
Competition & Consumer Protection 2021-10-11 2:49 pm By Miklos Bolza

A judge overseeing a cartel case over a $2.5 billion ANZ share placement has granted ANZ’s bid for unredacted documents which the bank says will support its claims that the case should be permanently stayed because of improper dealings between whistleblower JPMorgan, ASIC and the ACCC.

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IOOF unit loses bid to strike out ASIC’s cybersecurity case
Privacy & Cybersecurity 2021-10-07 1:26 pm By Cindy Cameronne

IOOF unit RI Advice has lost its bid to strike out ASIC’s novel case claiming it failed to protect its clients against cybersecurity risks, but a judge has chastised the regulator for causing “needless confusion” and “wasted time”.

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ANZ, CBA face class action over fees charged on home, personal loans
Financial Services 2021-09-29 9:28 pm By Miklos Bolza

The New Zealand arms of ANZ and the Commonwealth Bank have been hit with a multimillion dollar class action alleging they have failed to repay fees and interest wrongly charged to 150,000 customers who took out home or personal loans with the banks.

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Judge’s patience for ‘flipping and flopping’ prosecutors in ANZ cartel case wearing thin
Competition & Consumer Protection 2021-09-16 8:47 pm By Cindy Cameronne

A judge has questioned whether he should allow prosecutors to amend charges against ANZ and its treasurer in a criminal cartel case over a $2.5 billion share placement after the bank argued the charges were defective and should be quashed.

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Judge rejects first ever bid for contingency fees in class action
Class Actions 2021-09-14 9:57 am By Christine Caulfield

Saying the interests of class action members “must be given primacy”, a judge has rejected the first bid for a group costs order in a class action since contingency fee legislation passed in Victoria.

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ASIC’s cybersecurity test case ‘completely incoherent’, IOOF unit tells judge
Privacy & Cybersecurity 2021-09-06 9:47 pm By Bianca Hrovat

An IOOF unit accused of failing to protect its clients against cybersecurity risks has slammed ASIC’s claims in the novel case, describing the regulator’s further amended statement of claim as “grossly unfair” and “completely incoherent”.

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Ex-Deutsche Bank exec looks to knock out cartel charges
Competition & Consumer Protection 2021-09-01 11:07 pm By Cat Fredenburgh

A former Deutsche Bank executive named in a criminal cartel case over a $2.5 billion ANZ share placement says the charges against him are defective and should be quashed.

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7-Eleven to pay $98M to settle franchisee class action
Class Actions 2021-08-20 1:48 pm By Cat Fredenburgh

Convenience store giant 7-Eleven has agreed to pay $98 million to settle two class actions accusing it of misleading franchisees, the largest class action settlement reached so far this year.

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ANZ flags fight over use of ASIC communications in sacked trader’s case
Employment 2021-08-19 3:01 pm By Cindy Cameronne

ANZ may fight to block a sacked trader from relying on his communications with ASIC in a case alleging he was fired after complaining about rate-rigging at the bank, saying it may be unlawful to use the documents, a court has heard.

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