The corporate regulator will not take former AMP chair Catherine Brenner to court after investigating her conduct as part of probes that are expected to lead to at least five cases against the wealth management firm before the end of the year.
AMP, Commonwealth Bank and Westpac are facing potential class actions over commissions grandfathered by the FoFA reforms and the firms alleged failure to protect client interests.
The High Court has denied a special leave application by the former directors of defunct financial advisory Storm Financial, after the Full Federal Court upheld a ruling finding they had breached their duties to eleven vulnerable investors by providing an inappropriate, one-size-fits-all model of investment advice.
A judge has accused the parties in a class action against ANZ over the sale of allegedly worthless insurance of “putting their pens down” and failing to advance the case until a strike out application is resolved.
The Australian Securities and Investments Commission spent over $1.8 million in taxpayer funds investigating and prosecuting its now failed responsible lending case against Westpac.
The lead applicant in a class action against two National Australia Bank units for alleged superannuation mismanagement wants the proceedings moved to the Federal Court over concerns the matter cannot run in the Victorian Supreme Court due to a unique statutory carve out.
Australia and New Zealand Banking Group and Commonwealth Bank of Australia have lost a third attempt to escape a rate-rigging class action in the US, with a judge calling the banks’ arguments unpersuasive.
Bank of New York Mellon unit Pershing has become the first company in Australia to be convicted of criminal charges for breaching regulations requiring AFSL licensees to keep client money in separate bank accounts.
The Australian Securities and Investments Commission has told a parliamentary committee that it plans to bring more than five court proceedings against AMP before the end of the year and has referred a number of investigations into the financial services giant for possible criminal prosecution.
The High Court has awarded $27 million in unpaid commissions to a Nigerian entrepreneur tricked into terminating his contract with international bank note manufacturer Securency, reversing a Full Court judgment which slashed his award.