Financial services giant IOOF Holdings will be on the hook for any judgments or settlements reached in two class actions and an ASIC lawsuit as part of its $1.4 billion acquisition of NAB wealth management unit MLC.
Insurer QBE wants to downsize a massive class action brought against it and banking giant ANZ over the sale of allegedly worthless add on insurance.
Two National Australia Bank units are trying to shut down a Maurice Blackburn-led class action over alleged superannuation mismanagement, claiming that the proceeding was invalidly commenced in the Supreme Court of Victoria.
Australia’s largest financial services institutions have paid or offered to pay more than $882 million to remediate customers affected by their fees for no service conduct, the Australian Securities and Investment Commission has revealed.
Two Westpac units have made admissions and said they would not defend proceedings brought by the Australian Securities and Investments Commission over fees charged for services that were not provided to hundreds of financial advice customers.
Australia and New Zealand Banking Group and Commonwealth Bank of Australia have lost a third attempt to escape a rate-rigging class action in the US, with a judge calling the banks’ arguments unpersuasive.
ASIC has called for a $15 million penalty against National Australia Bank over its scandal-ridden ‘Introducer’ loan referral program, but a judge has questioned the “superficial” investigations in the case and remarked on the corporate regulator’s “pattern” of bringing enforcement action after remediation programs were well underway.
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.
A judge has signed off on a $49.5 million settlement in a class action against National Australia Bank over ‘junk insurance’, including millions in fees for the firm that brought the case on a no-win, no-fee basis, despite calling the settlement sum a “substantial compromise”.
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.