An independent investigation commenced in the wake of PwC’s tax leaks scandal has taken the firm to task for its “whatever it takes” growth strategy and “overly collegial” culture, which discouraged constructive criticism.
AMP has appealed its loss in a class action over changes to its buyer of last resort policy, under which the wealth manager slashed the amount it would pay financial advisers for their books of business.
A customer of non-bank lender Latitude Financial has filed a bid to join tech giants DXC Technology and Crowdstrike to her lawsuit claiming over $1 million in compensation from a cyberattack that compromised 14 million customer records.
A judge has ordered ANZ to pay a $15 million agreed penalty in a case over more than $10 million in cash advance fees charged to the credit card accounts of hundreds of thousands of customers.
Wealth management firm Findex can add new claims for damages in its long-running dispute with a former financial advisor who allegedly sent disparaging emails to clients and investors and brought his own claim in trespass after the company seized documents from his residence.
A judge has ordered National Australia Bank to pay just one-fifth the $10 million penalty proposed by ASIC for overcharging customer fees, taking aim at the regulator’s concise pleading and saying the maximum penalty he could order was “woefully inadequate”.
The corporate regulator has brought proceedings against the Australian arm of Kraken Crypto Exchange, alleging it breached design and distribution obligations for a margin trading product that has lost customers almost $13 million.
Another online trader has been hit with a class action by inexperienced investors who lost money while trading in risky derivatives slammed as little more than gambling products.
The National Australia Bank has been hit with a lawsuit by a former general manager, who alleges the bank forced him to work unreasonable additional hours and told him to ‘flush’ loan applications.
A judge has approved a $50 million settlement in a class action against the Commonwealth Bank over allegedly worthless consumer credit insurance after his concerns about a $2.5 million deduction for Deloitte were allayed.