ANZ Bank will not pay a cent to franchisees in its settlement of two class actions that allege the bank breached its responsible lending obligations and engaged in unconscionable conduct by giving loans to purchasers of 7-Eleven franchises.
A court has trimmed 10% off a $300,000 penalty against the former CEO of failed Gold Coast finance company MFS Group, after he successfully argued his role in the misappropriation of $147.5 million in trust funds was not as an officer of the company.
The clock is ticking on Commonwealth Bank’s search for a new general counsel, with the position still vacant two weeks before the bank’s current top lawyer’s planned departure, announced almost four months ago in the wake of the Hayne royal commission’s scathing final report into the banking sector.
While no means a flood, the class actions filed in response to the shocking evidence of misbehaviour at last year’s banking royal commission have been steadily flowing and show no signs of drying up. Here, we give you the round-up of cases launched so far, the latest developments in each, and what’s coming down the pipeline.
ANZ Bank will repay in full customers who were charged fees for no service after the corporate regulator pulled the bank up on its practice of partially remunerating some clients as part of a remediation program.
A judge has granted a bid by the applicant in a class action against National Australia Bank over the sale of allegedly worthless credit card insurance to include customers who took out personal loan insurance, in a ruling that could significantly expand the case.
An attempt by applicants in two franchisee class actions against 7-Eleven to limit communications between the convenience store giant and group members ahead of a hearing to approve a confidential settlement with ANZ, the bank that loaned money to the franchisees, unfairly delays approval of the settlement until next year, a court has heard.
The Federal Court has approved a $14.6 million class action settlement with private training company Ashley Services, auditors Deloitte and Grant Thornton, and Holmes Management Group, with IMF Bentham set to pocket around $4.8 million for funding the litigation.
AUSTRAC has ordered buy now, pay later giant Afterpay to appoint an independent auditor to oversee its compliance with anti-money laundering laws.
The Australian Securities and Investments Commission has narrowly lost its High Court appeal of a ruling that found the owner of a South Australian outback general store had not acted unconscionably by selling used cars through a “book-up” system.