The corporate regulator has launched legal action against Westpac Banking Corp. over a former financial planner’s poor advice that resulted in multimillion dollar losses to customers.
A NSW Supreme Court judge refused Friday to pause one of five class actions against AMP despite an impending battle over where the cases should be heard.
S&P Global Ratings and ANZ Banking Group have agreed to settle seven class actions over toxic financial products given healthy credit ratings ahead of the global financial crisis.
The government has released a draft code of practice for a new deferred prosecution scheme under which corporations could avoid charges in exchange for self-reporting serious corporate crimes.
A federal judge on Friday set an August date to hear AMP’s arguments for why competing class actions should be moved to the NSW Supreme Court, but ordered the company to alert the state court to the brewing jurisdictional battle.
Fifteen former long-time financial advisers of Macquarie Bank have sued the bank, alleging they’re owed $2.6 million in wages after the bank paid them solely in commissions when they were entitled to a regular wage.
The litigation funder underwriting a class action over the collapse of Banksia Securities lost its bid Thursday to block a group member from challenging a $64 million settlement in the case.
AMP will begin its push on Friday to move competing Federal Court class actions to the NSW Supreme Court, but the company will face fierce opposition.
ASIC has permanently banned a former NAB adviser from providing financial services after an investigation found he impersonated clients in order to get access to client funds that he transferred into sham bank accounts.
As the ACCC’s criminal cartel case against ANZ, Citigroup and Deutsche Bank gets underway, the regulator will face off against a formidable team of lawyers with extensive experience in defending competition matters.