AMP has admitted two of its units charged customers fees for no service but denied it acted unconscionably in a case brought by the corporate regulator alleging it continued to charge advice fees and life insurance premiums to customers who had died.
A solicitor fighting to remain on the roll after his involvement in the infamous Banksia Securities class action has told of his regret at having lunch with the funder behind the case eight years ago — a meeting that set in motion a plot driven by lawyers to deceive seven Supreme Court judges and defraud thousands of investors.
A class action over the failure of six managed investment schemes for eucalyptus wood in Tasmania has accused KPMG of failing to advise forestry giant Gunns that it had to tell growers about $720 million in financing it sought in 2007.
IOOF financial advice unit RI Advice has escaped a penalty in a test case alleging cybersecurity failures, but the firm must engage an IT security company and pay the corporate regulator’s legal costs.
The Australian Stock Exchange is seeking $3.25 million in security for costs as it defends a $464 million lawsuit brought by fintech firm iSignthis, a move spurred on by the 2021 demerger of iSignthis and ISX Financial EU.
A judge has ordered a temporary stay of ASIC’s case accusing Mayfair 101 director James Mawhinney of contempt for breaching a 20-year ban.
Gold Coast fraudster Dr Roger Munro has been sentenced to four and a half years in prison after pleading guilty to three counts of duping investors into parting with hundreds of thousands of dollars.
The husband of Sydney fraudster Melissa Caddick will be vacating the couple’s harbour-view mansion as court-ordered receivers prepare to put it up for sale.
National Australia Bank has avoided enforcement action and entered into an undertaking with AUSTRAC to settle an investigation into compliance with anti-money laundering and counter-terrorism financing laws.
Law firm Maurice Blackburn will ask a court to approve $14.5 million in costs for running a class action against Colonial First State that has settled for $56.3 million, giving account holders 75 per cent of the proceeds.