Financial Services

Sunshine Loans wants the High Court to weigh in on an appeals court's decision that overturned the recusal of a judge from deciding the penalty in ASIC's case over unauthorised fees.

The Full Court has granted a cross-appeal by crypto currency provider Block Earner, finding its did not need a financial services licence because its crypto product is not a financial product.

Court approval of a $50 million settlement in a class action against ANZ and superannuation trustee OnePath has been delayed, after 22,000 group members were excluded from an opt-out notice due to a problem with OnePath's computing process.

A judge has lambasted the corporate regulator’s decision to yield to FIIG Securities’ pleadings demands in its sophomore cyber enforcement case, but said he was “happy to let ASIC flounder” if it would not put up a fight.

A judge has been asked to approve a $64.25 million settlement in a class action against the trustees of the MLC Super Fund, hearing the settlement, reached just prior to the dismissal of a similar class action, was on the “higher end”. 

The applicant in a failed class action by members of NAB's MLC Super fund can't access a settlement deed in a separate class action against the fund trustee, which resolved days after the applicant's case was thrown out.

ASIC has won winding up orders against investment firm Falcon Capital and its managed investment scheme First Guardian Master Fund, after raising concerns about potential risks to investors. 

Brokerage firm International Capital Markets says a class action over risky financial products must put up or shut up when it comes to claims in the case that neither applicant has standing to bring.

The applicant in a suit against S&P over alleged defective ratings can tweak its pleadings ahead of a June trial, with a judge rejecting S&P’s argument the changes introduce a new case.

Mills Oakley has hired two new partners for its financial services and national property teams.