The Bank of Queensland has criticised a judgment which found the bank’s insurance policy left it on the hook for a $6 million settlement of a class action brought by investors in a multi-million dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
A battle over expert evidence in an invester class action against Fitch Ratings has delayed this month’s scheduled trial in the case by three months and forced the court to send the parties’ experts into conclaves.
A judge has dismissed an application by the Australian Securities and Investments Commission to investigate two Sydney-based liquidators, saying the regulator had failed to prove its suspicions about the pair.
A judge has found embattled hedge fund Goldsky breached the Corporations Act by providing financial services in Australia without a licence.
Banking giant Westpac has criticised the Australian Securities and Investments Commission’s old fashioned approach to home loan serviceability, saying its own complex system is more efficient and would “pass muster” in the face of the regulator’s allegations that it breached responsible lending laws.
The Australian Securities and Investments Commission has narrowed its case against Westpac ahead of a high-stakes trial over the bank’s alleged violations of lending laws, striking claims that certain home loans were unsuitable for consumers.
A judge has signed off on common fund application in a consumer protection class action against mortgage lending and investment firm RMBL Investments under which the funder will earn a 30% cut of any resolution amount if the case drags into September.
AMP is set to be the next target of a $1 billion class action blitz by Slater & Gordon on behalf of superannuation members, facing a case on behalf of over half a million Australians allegedly gouged by excessive fees on their AMP superannuation accounts.
The Australian Securities and Investments Commission will gets a chance on Monday to prove its claims that Westpac breached responsible lending laws by providing unsuitable home loans when the two face off in a high-stakes trial following the court’s rejection of what would have been a record $35 million penalty for breaching the country’s lending laws.
Private training company Ashley Services and auditors Deloitte and Grant Thornton will pay a combined $14.6 million to settle a shareholder class action, and IMF Bentham says it may bank $7.2 million for funding the litigation.