A Federal Court judge on Friday reluctantly approved a $12 million settlement in the long-running class action against Bank of Queensland, saying it left almost nothing for those affected by the notorious Sherwin Ponzi scheme.
AMP’s group company secretary David Cullen has been appointed top in-house lawyer, replacing Brian Salter, who was sacked for his role in the fees-for-no-service scandal.
Debt management firm Fox Symes will pay $37,800 in penalties for misleading advertising, including its promise that customers could secure lending approval in 15 seconds.
Westpac Banking Corp. engaged in unconscionable conduct when it traded in bank bills in an attempt to influence the benchmark Bank Bill Swap Rate on four occasions, a Federal Court judge ruled Thursday.
A solicitor caught up in a lawsuit over alleged share trading losses has lost his bid to have misleading and deceptive conduct claims brought against him dropped.
Class actions brought by victims of the failed Willmott Forests managed investment scheme have come to a close, two years after a judge issued a stunning ruling rejecting an initial settlement as favoring clients of M&K Lawyers over other investors, and including payment of a hefty legal bill.
ASIC deputy chair Peter Kell has put financial services firm’s on notice that excusing poor behaviour as an industrywide problem won’t cut it anymore.
Westpac faced another tortuous day at the Banking Royal Commission on Tuesday, with general manager of commercial banking Alastair Welsh under the spotlight for inconsistencies in the bank’s small business lending practices.
AMP appeared in court Friday to defend the first of five class actions filed on behalf of shareholders in the wake of damaging Royal Commission hearings into its conduct over advice fees.
Not to be outdone by other class action firms vying to recruit AMP shareholders for a $2 billion class action, Slater & Gordon announced Friday it would offer investors “the most competitive funding package of all”.