The ex-chair of former ANZ unit OnePath “has not been cooperating” in a class action alleging it breached its duties as a trustee of superannuation funds by slugging members with excessive fees to pay commissions to financial advisers, a court has heard.
A unit of Insignia Financial, formerly IOOF, has paid $10.7 million in infringement notices for allegedly failing to put members’ default superannuation contributions into MySuper products.
A New Zealand appeals court has ruled that common fund orders can be made in class actions, even at the early stages, departing from the High Court of Australia in finding the commercial viability of a proceeding enhances access to justice.
A judge has ordered credit card giant American Express to pay $8 million in ASIC’s first-ever case over design and distribution obligations, but has criticised the recently enacted provisions as being “poorly drafted”.
The ACCC has secured $6 million in penalties against wealth education company DG Institute and its CEO Dominique Grubisa, as well as orders that the company refund $14.7 million in course fees to customers who enrolled in its ‘Master Wealth Control’ program.
Pointing to Westpac’s progress in risk governance since it was targeted by AUSTRAC for systemic failures five years ago, the prudential watchdog has said it will halve a $1 billion capital requirement.
The judge who presided over ASIC’s successful case against payday lender Sunshine Loans has recused himself from deciding on penalty in the matter, saying a new court protocol might be needed for when a judge makes an adverse credit finding during the liability phase of a case.
A class action has been filed against Fitch Ratings on behalf of investors represented by a lawyer who has taken on credit ratings agencies over risky financial products for over a decade.
Former BitConnect national promoter John Louis Bigatton has been convicted for his role in marketing the online cryptocurrency platform, a global Ponzi scheme that reached a market capitalisation of $5 billion before its collapse.
Fund manager Real Asset Management has appealed a ruling which upheld mortgage broker RAMS’ bid to block the registration of two RAM trade marks.