Financial Services

The law firm running a no win, no fee class action against ANZ and superannuation trustee OnePath has defended a $1.7 million cut from a $50 million settlement to cover an after-the-event insurance policy, saying while the law on such deductions was “a mess”, there was none of the “double-dipping” that often attracts judicial attention.

Ex-Keystone director Paul Chiodo is fighting a bid to subpoena his personal bank statements, arguing receivers are fishing for potential claims against him as they look to claw back $480 million in investor funds.

In its latest move over the $1 billion collapse of investment funds linked to Keystone and Falcon Capital, the corporate regulator has banned another MWL Financial adviser who touted Keystone's Shield Master Fund.

Judo Bank has failed to secure an injunction against a disgruntled customer who launched a billboard campaign against it amid a dispute about a loan for a $65 million property.

Fixed income specialist FIIG Securities has been ordered to pay $2.5 million for cybersecurity failures which led to a cyberattack that exposed the data of 18,000 clients, the first penalty of its kind secured by ASIC.

A tribunal has halved an eight-year ban imposed on a former manager of over-the-counter derivatives provider Trade360, accepting that he did not have actual knowledge of the company's contraventions.

A judge has dismissed a bid by two Liberty Steel companies to stay a case brought in NSW by administrators for collapsed supply chain finance company Greensill while a related case in the UK proceeds. 

Japanese bank SMBC, which was duped by fraudster Bill Papas to enter into agreements with a Humm subsidiary for assets and receivables that didn't exist, has won the right to call in warranties on its $113.7 million investment.

A sacked property finance executive at CBA, who told an unnamed person in the workplace to “calm the f*** down”, has denied his conduct amounted to bullying, claiming swearing was common among his colleagues. 

A banking and finance partner who has advised on major infrastructure projects like Melbourne's Marvel Stadium has made the leap to Thomson Geer from Hamilton Locke.