Fintech Tyro has hit back at a class action brought on behalf of retailers who were unable to process payments because of a days-long terminal outage, arguing they should have accepted cash while their EFTPOS machines were down.
A subsidiary of AMP has settled a retired financial planner’s lawsuit accusing the company of using “unfair tactics” to avoid coughing up close to a million dollars owed under a buyout option exercised in November 2019.
The Australian Securities and Investments Commission is challenging a ruling that threw out half the criminal charges against direct bank Members Equity, arguing the statute of limitations doesn’t apply to serious corporate misconduct.
Ashurst has bolstered the ranks of its financial regulation team with the appointment of long-serving Clayton Utz partner Narelle Smythe, who joins the firm’s team in Sydney.
The Federal Court has issued a worldwide freezing order over the assets of Bill Papas’ partner, which includes the proceeds of the $1.13 million sale of her home in Sydney’s inner west.
Embattled investment group Mayfair 101 is challenging a judge’s decision last month to slug it with a $30 million penalty for engaging in misleading and deceptive advertising.
The Commonwealth Bank of Australia has been hit with a $45 million lawsuit by the Finance Sector Union for allegedly failing to provide thousands of employees with paid rest breaks for at least six years.
National Australia Bank has been served with a $78 million class action over the collapse of Walton Construction, three months after the case was stalled for funding complications.
Embattled wealth advisor Dixon Advisory has filed for administration, saying its potential liability in two class actions and a $7.2 million penalty it agreed to pay in ASIC proceedings mean it is likely to become insolvent in the future.
Insurers have triumphed in a lawsuit over coverage for the $3.2 million cancellation of the Big Red Bash outback music festival during the first wave of the coronavirus pandemic, with a judge finding a communicable disease exclusion in the organiser’s event cancellation policy was engaged.