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The Commonwealth Bank of Australia has slammed an attempt by a class action to “trawl through” its Chief Executive Officer’s emails in search of correspondence regarding it decision to rebate commissions grandfathered by the Future of Financial Advice reforms.
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.
Just three years after adopting its ‘why not litigate’ approach in response to a lashing by the Hayne royal commission, the corporate regulator has abandoned the tough enforcement stance as the Morrison government focuses on economic recovery from COVID-19.
Insurers Lloyds Australia and QBE want class actions by policyholders who were denied business interruption coverage for COVID-related shutdowns stayed until a related test case in the Federal Court is decided.
A Melbourne mortgage broker who filmed four police officers dying after they were hit by a truck after pulling him over for speeding in his Porsche has been banned by ASIC, a day before he's set to be sentenced on criminal charges.
Two Westpac units have been hit with $10.5 million in fines for providing personal financial advice during a superannuation rollover campaign, with a barrister for ASIC noting the bank had not apologised or expressed regret for the conduct.
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.
A Pendal fund manager who accused his boss of constant insults and belittling has lost his application for an order to stop bullying, with the Fair Work Commission finding it was not within its jurisdiction to remedy a “dysfunctional work relationship”.
Convenience store giant 7-Eleven has agreed to pay $98 million to settle two class actions accusing it of misleading franchisees, the largest class action settlement reached so far this year.
A judge has criticised the liquidators of collapsed financial group Linchpin Capital after they failed to inform the court whether they intend to defend class action proceedings or if default judgment should be made against the company.