ANZ has reached a settlement in long-running class action proceedings alleging it hit customers with illegal fees, but the $1.5 million payout falls far short of the many millions IMF Bentham spent in funding the matter.
The Morrison government has backed down from a plan to end trailing commissions for mortgage brokers, a month after embracing the recommendation from the Banking Royal Commission.
An appeals court has dismissed a challenge by Veritas Advisory principal liquidator David Iannuzzi to the admissibility of evidence submitted by the Australian Taxation Office in the agency’s case seeking compensation and a 10-year ban.
The Commonwealth Bank of Australia has launched a bid to stay a shareholder class action brought by boutique law firm Phi Finney McDonald after the firm retreated from a plan to consolidate its case with a competing class action run by rival Maurice Blackburn.
Most of the country’s major financial institutions have still not conducted a systemic review of their fees-for-no-service failures, according to ASIC, which called the delays “unreasonable”.
Legal action brought by the corporate regulator over withheld documents at the centre of an investigation into AMP’s fees for no service conduct has settled, with law firm Clayton Utz producing the evidence on Thursday.
An appeals court has dashed the hopes of three group members of a resolved class action over managed investment schemes operated by agribusiness Great Southern Group who sought more time to appeal approval of the settlement deed, which put them on the hook for repaying their loans to Bendigo and Adelaide Bank.
A judge who hit Pitcher Partners with a $5.6 million damages ruling over an accounting error concealed from corporate client Neville’s Bus Service was wrong to hold that the transport operator’s losses flowing from the error were real, the firm has argued.
The former chief of staff to ex-NAB boss Andrew Thorburn has been arrested and charged for her alleged role in a $40 million fraud against the bank.
Westpac has followed ASIC’s lead, launching a separate appeal to a ruling that it provided financial advice but not personal advice as part of a campaign encouraging customers to roll over external superannuation accounts.