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‘I have been ignored’: Claimant makes courtroom plea in AMP insurance churn case
Financial Services 2020-03-03 4:59 pm By Miklos Bolza

An individual claimant accusing AMP Financial Planning of ignoring multiple attempts to gain remediation for alleged insurance re-writing conduct was granted permission to voice his displeasure in court, while ASIC and AMP grapple with the details of a remediation program for insurance churn victims.

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ASX admits telling ISignthis it would consult with ASIC before lifting suspension
Securities 2020-03-02 9:52 pm By Christine Caulfield

The Australian Stock Exchange has denied claims by ISignthis that it suspended the fintech company’s shares without warning and at the direction of ASIC, but has admitted that it told the company it would consult with the securities regulator before lifting the ongoing suspension.

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ASIC wins unconscionable conduct case against OTC derivatives issuer AGM Markets
Financial Services 2020-02-27 10:28 pm By Cat Fredenburgh

ASIC has notched up a win against derivative issuer AGM Markets and two of its authorised representatives, with a court finding they engaged in misleading, deceptive and unconscionable conduct that caused investor losses of over $30 million.

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Deloitte partners can’t dodge production order after ‘outrageous’ removal of audit files, Full Court says
Class Actions 2020-02-27 10:00 am By Miklos Bolza

Deloitte has lost its appeal of a ruling in a shareholder class action over the collapse of Hastie Group that compelled the production of audit files taken by a partner from the accounting giant’s litigation room, in a ruling that described the actions of the partner as “bordering on contempt” and slammed Deloitte for “cynically” exploiting the situation.

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Sacked AMP lawyer demands details of alleged performance concerns
Employment 2020-02-26 3:41 pm By Christine Caulfield

Former AMP general counsel Larissa Cook, who is suing the financial services giant for alleged bullying, wants her former employer to provide details of claims in its defence that senior executives raised concerns about her conduct and that her performance was being “managed”.

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Court OKs derivative suit against Pacific Current directors over merger
Securities 2020-02-25 11:35 pm By Cat Fredenburgh

A Pacific Current shareholder has won court approval to bring a derivative lawsuit against certain current and former directors of the funds management company for allegedly breaching their duty of care and diligence in relation to the company’s 2014 merger with US-based Northern Lights Capital Group.

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ASIC pans Wagyu and shiraz ‘thought experiments’ in Westpac home loan appeal
Financial Services 2020-02-25 5:05 pm By Miklos Bolza

ASIC has criticised a Federal Court judge for his ‘thought experiments’ around prospective home loan applicants feasting on Wagyu beef and shiraz, as the regulator challenges the judge’s dismissal of its responsible lending case against Westpac.

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New shareholder class action against IOOF alleges extensive misconduct
Class Actions 2020-02-24 3:00 am By Christine Caulfield

Financial services provider IOOF may have beaten back regulatory action, but it still faces the wrath of shareholders, with a new class action claiming the firm engaged in corporate misconduct that includes insider trading, front running and breaches of trustee duties.

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Baker McKenzie lures King & Wood Mallesons special counsel for banking practice
People In The News 2020-02-19 10:08 pm By Christine Caulfield

Baker McKenzie has nabbed former King & Wood Mallesons special counsel Charlie Detmold for the law firm’s key banking and finance practice in Melbourne.

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Great Southern investor’s fight over enforceability of Bendigo Bank loan revived on appeal
Class Actions 2020-02-19 3:26 pm By Christine Caulfield

Two investors in failed Great Southern Group managed investment schemes have lost their latest appeal over a controversial class action settlement deed that allowed Bendigo and Adelaide Bank to enforce loans issued to fund their investments. But a third borrower, who denied he was a member of the class action, has been given the greenlight to defend the bank’s recovery proceedings.

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