The trustee of Mayfair Group’s collapsed IPO Wealth Fund has reached an in-principle settlement in a class action alleging it misled investors, who lost $86 million when the fund was wound up.
A judge has hit Westpac with a $1.5 million penalty for misleading 141 customers into believing they had purchased add-on insurance.
Insurance Australia Group is investigating the underwriter behind an allegedly unauthorised trade credit policy issued to Greensill Capital, according to a defence by the insurer in a $43 million case brought by a Credit Suisse supply chain fund left heavily exposed after Greensill’s collapse.
The directors of mortgage aggregator Connective Services have been hit with indemnity costs for their “outrageous conduct” in pursuing litigation against a company shareholder, including giving false statements and destroying evidence.
Continuing a recent trend in class actions, a judge will appoint a referee to weigh in on Maurice Blackburn’s costs in a $56.3 million settlement in a class action against Colonial First State, but has so far declined to appoint a contradictor.
A Citigroup customer has hit the bank with a lawsuit alleging it gave her conflicted financial advice to invest most of her savings in “risky” products, despite being an inexperienced investor with limited funds.
The corporate regulator has filed court proceedings against Macquarie Bank alleging it failed to monitor third-party withdrawals, leading to a financial adviser’s theft of $2.9 million in customer funds.
The former general counsel of UK-based transit payment service provider Littlepay has lost her bid to access the firm’s financial statements ahead of mediation in a lawsuit alleging she faced discrimination and bullying when she returned to work after the birth of twins.
Lawyer and wealth guru Dominique Grubisa has been banned from providing financial services and engaging in credit activity for four years, after ASIC found she embellished her qualifications and encouraged students to improperly use Family Court listings to identify investment opportunities.
Collapsed supply chain finance company Greensill Capital has been accused of fraudulently obtaining policies from its largest insurer, Japan-based Tokio Marine, which has been dragged into four lawsuits over a trade credit policy issued in 2019.