National Australia Bank has been hit with a $18.5 million fine after admitting to allegations by ASIC that it failed to adequately disclose its adviser fees for five years.
The applicant in a Federal Court class action against NAB superannuation trustee NULIS has been ordered to find a sample group member in light of a landmark Victoria Supreme Court ruling that found the plaintiff in a similar class action could not establish any loss.
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.
AUSTRAC’s long-running investigation into NAB’s compliance with anti-money laundering and counter-terrorism financing laws has progressed, with the matter being referred to the financial crime regulator’s enforcement team.
A Federal Court class action against two NAB units over $6.3 billion in super funds is on hold after lawyers for the applicant filed an appeal of a ruling that found their state court proceeding had been invalidly commenced.
Maurice Blackburn has brought a second class action against two NAB units over $6.3 billion in super funds, after the law firm’s first attempt was shut down by a state court as invalid.
The Australian Securities and Investments Commission has taken the Commonwealth Bank of Australia to court for slapping nearly 1 million customers with unauthorised monthly access fees totaling $55 million over a nine-year period.
The ACCC has given the greenlight to NAB’s proposed acquisition of digital only bank 86 400, saying the tie-up would not substantially lessen competition.
A judge has approved a “disappointing” $25 million settlement in long-running class action litigation over the collapse of electronics retailer Dick Smith with claims worth hundreds of millions of dollars.
ASIC has launched court proceedings against National Australia Bank accusing the bank of engaging in unconscionable conduct by charging more than $365,000 in fees to which it was not contractually entitled.