AMP is set to be the next target of a $1 billion class action blitz by Slater & Gordon on behalf of superannuation members, facing a case on behalf of over half a million Australians allegedly gouged by excessive fees on their AMP superannuation accounts.
The Australian Securities and Investments Commission will gets a chance on Monday to prove its claims that Westpac breached responsible lending laws by providing unsuitable home loans when the two face off in a high-stakes trial following the court’s rejection of what would have been a record $35 million penalty for breaching the country’s lending laws.
Private training company Ashley Services and auditors Deloitte and Grant Thornton will pay a combined $14.6 million to settle a shareholder class action, and IMF Bentham says it may bank $7.2 million for funding the litigation.
Creditors of defunct stockbroker Halifax Investment may soon get emails from the company’s liquidators, after a judge signed off on their request to keep creditors abreast of developments in the defunct’s trading platform’s liquidation proceedings electronically.
The former chairman of troubled IOOF told APRA during a review meeting that he “struggled” to think the wealth manager had any conflicts of interest and that the issue was getting too much “airplay”, according to court documents filed recently by the prudential regulator.
The Australian Securities and Investments Commission has won its bid for a court order placing Melbourne-based forex trader Berndale Capital into receivership for allegedly failing to safeguard client money.
The litigation funder backing a consumer protection class action against mortgage lending and investment firm RMBL Investments will earn a step-up commission of 30% if the case continues into September, according to a proposed common fund order.
A former NAB financial adviser has been charged with fraud after allegedly impersonating clients and stealing $166,5oo from their accounts, the Australian Securities and Investments Commission said Thursday.
Former Aussie Home Loans boss Stephen Porges has lost an appeal of a judgment ordering him to pay more than $1 million to a private equity firm that was found to have been duped into buying his worthless shares in a beleaguered startup.
Citigroup has agreed to refund $3 million to 114 customers that suffered losses stemming from investments in complex financial products, after ASIC raised concerns that some of the customers may have thought they were getting personal rather than general advice.