Most Recent
Class action against NAB over MySuper not validly commenced, court finds
Class Actions 2020-12-21 12:58 pm By Miklos Bolza

A class action filed by Maurice Blackburn against NAB units MLC and NULIS was invalidly commenced thanks to a carve out in the Supreme Court Act that bars class actions involving trust property, the Victoria Supreme Court has found.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

Judge fines NAB $15M, questions ASIC’s ‘introducer’ investigation
Financial Services 2020-10-19 6:01 pm By Miklos Bolza

A judge has slapped National Australia Bank with a $15 million penalty over its scandal-ridden home loan introducer program but slammed ASIC’s investigation into the program, saying there was no “real regulatory desire to pursue a thorough investigation as to what in truth occurred”.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

NAB units ordered to pay $57.5M in ASIC fees for no service case
Financial Services 2020-09-11 11:28 pm By Cat Fredenburgh

The Australian Securities and and Investments Commission has won a $57.5 million judgment against two units of National Australia Bank for making misleading representations to superannuation customers regarding $100 million in fees charged for services they never received, far short of the $125 million sought by the corporate regulator.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

$1.4B MLC acquisition puts IOOF on the hook for class actions, ASIC case
Financial Services 2020-08-31 9:59 pm By Miklos Bolza

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.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

QBE looks to shrink ANZ add on insurance class action 
Class Actions 2020-08-25 10:48 pm By Alison Eveleigh

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.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

NAB units seek to shut down MySuper class action
Financial Services 2020-08-24 4:10 pm By Miklos Bolza

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.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

Banks’ fees for no service remediation bill tops $882M
Financial Services 2020-08-24 12:38 pm By Alison Eveleigh

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.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

Westpac units won’t defend ASIC fees for no service case
Financial Services 2020-08-20 4:56 pm By Miklos Bolza

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.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

ANZ, CBA can’t escape US rate-rigging class action
Financial Services 2020-08-06 4:21 pm By Miklos Bolza

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.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

ASIC pushes for $15M fine in NAB ‘Introducer’ case, but judge questions scope of investigation
Financial Services 2020-07-20 9:21 pm By Alison Eveleigh

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.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?