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The Australia and New Zealand Banking Group has been hit with a class action for having “unfair” terms in its credit card contracts that allegedly gave the bank the right to charge account holders retrospective interest.
Banking giant Westpac has admitted to allegations in six new cases by the Australian Securities and Investments Commission alleging widespread compliance failures across multiple businesses, and will agree to pay a combined $100 million penalty.
Money transfer business Vina Money Transfer and two of five individuals accused of fixing foreign exchange rates on millions of dollars transferred between Australia and Vietnam will plead guilty to criminal cartel charges, a court has heard.
La Trobe Financial Asset Management will pay just $750,000 for misleading investors in its 48 hour and 90 day notice accounts over a period of more than three years, with a judge saying the company would have faced a penalty "well in excess" of this amount if not for reassuring correspondence from ASIC during its investigation.
Financial services company AMP has lost its bid to de-class representative proceedings brought on behalf of 1.5 million insurance customers.
The judge who made findings against the son of the mastermind behind the Banksia class action scam may have formed strong views about the 27-year-old's role before he testified and used the flawed suggestion that he was his father's right-hand man as an "evidential gap filler", an appeals court has been told.
The Australian Securities and Investments Commission has launched court proceedings against ANZ alleging the banking giant's home loan 'introducer' referral program breached credit laws.
The parents of accused Sydney fraudster Melissa Caddick may need to bring court proceedings to retain their $2.6 million Edgecliff home and recoup $1.2 million they gave to their daughter for the mortgage.
The Australian Competition and Consumer Commission has given the green light to the National Australia Bank’s proposed $1.2 billion acquisition of Citigroup's Australian consumer business, finding the deal is not likely to substantially lessen competition.
Superannuation fund QSuper has been hit with a class action for allegedly overcharging up to 140,000 life insurance customers.