Financial Services

Block Earner has told the High Court that its Earner product was never meant to generate a financial return for users, as the court mulls whether to overturn a ruling that found the cryptocurrency firm did not need a financial services licence. 

NAB has sued a group of insurers alleging they are liable to indemnify the bank for a $64.25 million settlement and associated defence costs in a superannuation class action against units MLC and NULIS Nominees. 

Insurer Marsh has successfully appealed a finding that it breached its obligation not to use documents discovered in litigation over the $7 billion collapse of supply chain finance firm Greensill in separate proceedings.

Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.

Binance has agreed to a $10 million penalty in ASIC’s case alleging the defunct crypto firm misclassified retail customers as eligible to invest in risky derivatives, but a judge wants more details before approving the deal.

A judge has ordered Australian Unity to pay a $7.1 million penalty in ASIC proceedings alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors. 

Fresh off being sued by ASIC for investing $300 million into Falcon Capital’s failed First Guardian Master Fund, super trustee Diversa has been hit with additional licence conditions by the prudential regulator.

A MWL financial adviser has been banned for seven years for advising clients to invest most of their super into Keystone's Shield Master Fund, which is suspected of misusing $480 million in investor funds. 

Macquarie Securities has agreed to pay a $35 million penalty in a civil suit brought by the Australian Securities and Investments Commission alleging systemic misreporting of short sales over a 14-year period.

The liquidators of Falcon Capital, which is suspected of having misused $450 million in investor funds, have sued a Melbourne property developer, claiming he knowingly assisted Falcon to loan millions in trust money in a “dishonest and fraudulent design”.