Financial Services

The Law Council says asserting legal professional privilege is not "inherently scandalous", ahead of a parliamentary hearing on KPMG's sharing ofclient information, at which law firms Allens and Ashurst are expected to stay mum.

The privacy watchdog has ordered credit provider American Express to implement more stringent security controls and pay compensation to a customer whose information was improperly accessed by an AMEX worker they had a relationship with.

KPMG has been referred to the national corruption watchdog, with Greens Senator Barbara Pocock calling the federal government's three-month pause on new contracts with the auditor a “slap on the wrist with a stick of limp celery”.

A judge has questioned whether Macquarie Financial should get 70 per cent of an interim $102 million distribution to people who sank their retirement savings into Keystone’s Shield Master Fund, which is being investigated for misuse of investor funds.

Defunct forex broker Union Standard and its former agents have been hit with a combined $300.2 million penalty for “egregious” contraventions, including deliberately pushing risky derivative contracts onto inexperienced investors.

A judge has rejected an application by online trading platform IG Markets to amend a cross-claim against a trader who earned $5.5 million in 30 minutes through a 'test market'.

CMC Markets wants a class action to fork over $8.6 million more in security after substantially amending its case, which alleges the financial services firm issued complex, risky derivatives that were not appropriate for retail investors.

Mallesons has promoted nine lawyers to its partnership, leaning into its strength as a go-to firm for the country's major banks by promoting four lawyers in its banking and finance practice, in addition to elevating two IP litigators. 

Insurer QBE has admitted liability in ASIC’s case alleging it made empty promises to over half a million customers on policy discounts, but a dispute over the size of the penalty remains.

Former Keystone Asset Management director and developer Paul Chiodo has been ordered to produce books in his possession as well as bank account statements of family members, as he defends himself in a case over alleged misappropriated money.