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The Australian Securities and Investment Commission has launched proceedings against the Commonwealth Bank of Australia and its subsidiary Colonial First State Investments over the alleged payment of conflicted remuneration for a superannuation product jointly developed by the financial giants.
The former CEO of Beem It has discontinued her legal claims against the payments fintech co-owner, Commonwealth Bank of Australia, only days after naming the bank in her lawsuit alleging workplace breaches.
The Commonwealth Bank of Australia has become the latest Big Four bank to be hit with a class action over the sales of allegedly worthless insurance products.
A judge has approved a $5 million penalty against the Commonwealth Bank of Australia for overcharging customers $8 million in fees and interest on its agricultural products, despite previously expressing concerns that the penalty was "on the light side".
Commonwealth Bank of Australia and Beem It are facing an employment lawsuit by the former CEO of the payments fintech, but details of the case have not been released pending a bid to keep the claims confidential.
A judge has questioned ASIC's proposed $5 million penalty against the Commonwealth Bank of Australia, saying it was "on the light side" for the bank's conduct in overcharging $8 million in fees on its agricultural products.
The High Court's abolition of the so-called Chorley exception does not apply to a party's in-house counsel, which is still permitted to seek its own legal costs for prosecuting or defending a proceeding, a judge has found.
The Big Four banks were trying to shore up their profits when they refused to pass on home loan interest rate cuts to consumers in full last year, an interim report of an Australian Competition and Consumer Commission inquiry has found.
A judge has criticised as "meretricious" and "ridiculous" opposition by Commonwealth Bank of Australia to a discovery application by a former general manager who claims he lost his job for blowing the whistle on alleged manipulation of staff bonuses.
The corporate cop has brought legal proceedings against the Commonwealth Bank's wealth management unit claiming it made misleading or deceptive statements to over 12,000 fund members during the transition to MySuper accounts.