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REST Super faces a class action alleging the supererannuation trustee deducted premiums for income protection insurance that provided no benefit to members.
The applicant in a class action against four AMP subsidiaries and two trustees over alleged excessive superannuation fees has flagged its opposition to soft class closure, saying it would be “completely inappropriate” to require the large class of up to two million group members to register ahead of mediation.
Commonwealth Bank of Australia and subsidiary CommSec have been hit with $10.34 million in penalties -- the highest ever imposed in enforcement action by the workplace regulator -- after admitting it underpaid thousands of employees more than $16 million.
In a case believed to be the first of its kind, the liquidators of boiler room trader Forex Capital Trading have sued ASIC, seeking to claw back over $20 million in fines and costs they says constituted unfair preference payments and should be distributed among the company’s out-of-pocket clients.
The Australian Securities and Investments Commission has taken two units of Paladin Group and one of its directors to court for allegedly raising more than $100 million from 258 investors without a financial services licence.
The former director of collapsed investment advisor Linchpin Capital hit hardest by a judgment disqualifying him and three other directors and levying a combined $390,000 in penalties has filed an appeal.
International Capital Markets may soon face a third class action, a court has heard, as the first two class actions to be filed against the Sydney-based online broker over risky contracts for difference mull consolidation.
Digital currency exchange Block Earner needed a licence to offer its crypto-backed Earner product, a court has found in one of the first decisions on the application of financial services law to crypto investments.
Online broker International Capital Markets has been hit with a second class action for selling “excessively risky” derivative products known as contracts for difference to retail investors.
Two firms have agreed to consolidate their class actions against online trading platform IG Markets over risky CFDs, but the company failed in a bid to have the two funders behind the cases liable for 100% of any security for costs order lest one funder defaults.