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Funder attacks Westpac’s ‘dangerous’ intentions in class action
Class Actions 2018-06-27 11:10 pm By Miklos Bolza

Litigation funder JustKapital went on the attack in court on Wednesday, saying Westpac’s objections to the terms of a proposed funding order in a class action against the bank were dangerously suspect.

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ASIC takes AMP to court over insurance policy churn
Financial Services 2018-06-27 10:35 pm By Christine Caulfield

AMP’s financial planning unit was hit Wednesday with an enforcement action by the corporate regulator alleging its planners generated extra commissions by replacing, rather than transferring, life insurance policies for existing clients.

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Deep Investments case barrels towards Full Court
Securities 2018-06-27 2:37 pm By Miklos Bolza

Respondents involved in a case brought by investment adviser Deep Investments over alleged share trading losses, including a solicitor who was sued for allegedly failing to inform the company of exchanges with ASIC about a potentially deceptive employee, are appealing a decision to allow the case to continue.

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CBA’s $25M rate-rigging settlement gets court OK
Financial Services 2018-06-21 10:58 am By Christine Caulfield

The Federal Court has approved Commonwealth Bank’s $25 million settlement with ASIC over allegations it manipulated the bank bill swap rate.

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CBA’s $700M AUSTRAC settlement gets court OK
Financial Services 2018-06-20 5:56 pm By Miklos Bolza

A Federal Court judge has signed off on a $700 million settlement between AUSTRAC and Commonwealth Bank of Australia for violating anti-money laundering and counter-terrorism financing laws, saying the penalty showed the court’s “strong disapproval” of the bank’s actions.

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Trustee settles class action over LKM Capital collapse
Class Actions 2018-06-20 3:36 pm By Christine Caulfield

The trustee for collapsed investment group LKM Capital has reached a settlement in a class action brought on behalf of hundreds of investors who sunk $63 million into the failed firm.

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MWL founders look to bring derivative suit against Focus Financial
Securities 2018-06-19 3:23 pm By Cat Fredenburgh

MWL Financial Group’s co-founder and a group of superannuation and investment funds are seeking court approval to bring a derivative suit on behalf of the investment adviser against its private equity-backed US parent company, Focus Financial.

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Law firm can’t put ‘parasitic’ rival on hook for GetSwift costs
Class Actions 2018-06-15 8:56 pm By Miklos Bolza

Squire Patton Boggs, one of the losing law firms in the GetSwift class action beauty contest, has lost again, this time in its fight to have winning firm Phi Finney McDonald pay its legal costs.

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ASIC takes Westpac to court for financial adviser’s bad behaviour
Financial Services 2018-06-15 3:24 pm By Christine Caulfield

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.

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Judge won’t halt Quinn Emanuel AMP class action over venue fight
Class Actions 2018-06-15 2:56 pm By Miklos Bolza

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.

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