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A $47 million settlement in a class action against ANZ -- one of three settlements in a series of class actions against the big banks over 'junk' consumer credit insurance -- was fair and reasonable, a judge has said.
Wealth management firm Colonial First State has lost its bid to shield emails with internal counsel about investment options for its FirstChoice super fund after a judge found a class action applicant had joint legal professional privilege.
Commonwealth Bank of Australia has copped a record $3.55 million penalty for breaching spam laws after it sent more than 65 million emails without an easy way for individuals to unsubscribe.
A judge overseeing a class action against Colonial First State Investments has raised concerns about a $655 million dividend to CBA, questioning whether group members' recovery could be in danger.
The Commonwealth Bank of Australia has urged the Full Court to toss ASIC's challenge to a decision dismissing its conflicted remuneration case over the bank’s sale of its Essential Super product, saying the appeal suffered from “fatal” flaws.
Westpac has lost a bid to keep group members in the dark about the premiums paid for allegedly worthless consumer credit insurance, information the bank said could inflate expectations about settlements worth $126 million reached in three class actions.
ASIC has lost a case accusing the Commonwealth Bank of Australia of hitting customers with $55 million in unauthorised fees, with a judge finding that nearly 1 million customers charged the fees should have known that even banks "sometimes make mistakes".
Westpac has objected to several proposed notices going out to group members in a class action over ‘junk’ consumer credit insurance, which three of the Big Four banks have agreed to pay $126 million to settle.
Three of the Big Four banks have agreed to pay a total of $126 million to settle class actions on behalf of up to one million customers who were sold consumer credit insurance.
The former chief executive of Commonwealth Bank has told a court internal auditors raised issues with CBA's anti-money laundering and counter-terrorism financing compliance four years before AUSTRAC took action that saw the bank's share price plummet.