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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.
REST Super faces a class action alleging the supererannuation trustee deducted premiums for income protection insurance that provided no benefit to members.
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.
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.
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 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.
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.
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.
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.
A director of defunct investment scheme A One Multi, which allegedly raised $25 million in funds, has been charged with nine counts of running a financial services company without a licence.