A judge has shot down a last minute bid by an insurance brokerage facing a cross claim in a class action over failed debenture issuer Provident Capital to retract an admission in its defence ahead of trial next month.
A landmark trial brought by the Financial Sector Union of Australia against UAE Exchange Australia has been vacated after a judge accused the union of “throwing the case into chaos” with a belated expert report.
The Australian Securities and Investments Commission failed to establish any grounds for permanently banning an ANZ financial adviser from the industry, a tribunal said in setting aside the decision Tuesday.
A judge has agreed to sign off on an order in a massive class action against Westpac that could give 25 percent of any recovery to the litigation funder underwriting the case, on the condition that the funder accept a rate reflecting the net, not the gross, sum.
The deputy chairman of the Australian Securities and Investments Commission, Peter Kell, has resigned just five months into a yearlong extension of his contract with the corporate watchdog.
MyBudget has successfully fought off a class action brought by consumers who claimed the budget management firm violated consumer law by holding onto interest earned on their personal budgeting accounts.
ASIC has filed a lawsuit against shuttered financial adviser Dover Financial and its former director, who famously collapsed during questioning before the Royal Commission, over its client protection policy.
A judge will appoint an independent barrister to examine Westpac’s recent $35 million settlement with the corporate regulator, saying it wasn’t clear if the bank had breached responsible lending laws as alleged.
ASIC has filed a lawsuit against ANZ alleging it breached its continuous disclosure obligations in relation to a $2.5 billion institutional share placement, which is also at the centre of a criminal cartel case against the bank.
The corporate watchdog’s dim view of proposals to regulate litigation funders got a mixed reaction from big players in the industry Thursday, with its position supported by foreign funders but frowned on by at least one home-grown firm.