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.
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.
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.
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”.
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.
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.
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.
The banks and high-ranking executives targeted in pared-down criminal cartel proceedings over a $2.5 billion ANZ share placement are taking new steps to shut down the long-running case, including further probes into the ACCC’s conduct during its investigation into the alleged cartel.
Prosecutors have withdrawn two-thirds of the charges in a criminal cartel case over a $2.5 billion ANZ share placement and have dropped their case against former Citigroup CEO Stephen Roberts, according to a lawyer in the case.
Six of Australia’s biggest financial services firms have paid or offered to pay a total of $1.86 billion to customers who were wrongly charged fees for no service or were given bad advice.