Former Dick Smith CFO Michael Potts is on the hook for paying $57 million in damages to National Australia Bank after the High Court on Wednesday revoked its grant of special leave, finding he did not raise a legal question of public importance.
A former Gilbert + Tobin lawyer with over 20 years’ experience advising clients in finance transactions has joined Squire Patton Boggs’ as a partner in Sydney.
ANZ has criticised the ACCC’s objection to its planned $4.9 billion merger with Suncorp, arguing before a tribunal that the alleged “uncertain” effects on competition in banking was not a sufficient reason to block the deal.
The group that oversees accountants in Australia and New Zealand has slapped PricewaterhouseCoopers with a $50,000 fine over its tax leaks scandal.
A former manager of stockbroking firm BBY Limited is the second senior employee to front court faced with criminal charges following the firm’s failure.
London-headquartered online trader Plus500 has been hit with a second class action by investors who lost money trading in highly leveraged financial products.
Sydney-based online broker International Capital Markets is facing a class action by inexperienced investors who allegedly lost $500 million in trading risky contracts for difference.
A protracted class action against the Commonwealth Bank of Australia brought by borrowers who claimed they were forced to default on their commercial loans has finally settled, a court has heard.
AMP has agreed to pay $100 million to settle a class action by financial advisers over its buyer of last resort policy, after suffering a loss at trial.
A judge has ordered wealth manager Mercer Financial Advice to pay a $12 million penalty for “extremely serious” fees-for-no-service conduct and breaches of its fee disclosure obligations, in a case brought by the Australian Securities and Investments Commission. In the case, filed in June last year, ASIC alleged that Mercer charged 761 customers a total…