The corporate regulator has brought proceedings against the former boss of defunct Freedom Insurance and another executive over an insurance sales program that incentivized sales agents with overseas holidays and a Vespa scooter.
A judge has extended by a week a freezing order over the assets of ISignthis CEO John Karantzis in a dispute with the Australian Taxation Office over a $10.7M alleged tax debt, but a bid to extend the scope of the order to include shares in a Cyprus-based company launched by the fintech businessman has failed for now.
Payments provider Tyro has been hit with a class action over a days-long terminal outage that left many businesses unable to accept payments.
The Federal Court has issued an arrest warrant for Forum Finance founder Bill Papas for contempt of court for allegedly transferring $720,000 out of one of his companies in breach of a freezing order.
A judge has rejected a request to discontinue a class action on behalf of investors in failed music streaming platform Guvera, saying it was “difficult to understand” why the applicants had launched the case as a class action in the first place.
The Federal Court has slugged wealth management firm Colonial First State Investments with a $20 million penalty for misleading almost 13,000 superannuation members about their MySuper entitlements through a “concerted campaign” that lasted two years.
Software company DST Bluedoor has lost its bid to access communications between its former founding director and AMP in a $35.5 million lawsuit accusing the financial services company of inducing 11 DST employees to jump ship after licensing its online platform.
A challenge to the ACCC’s approval of the merger of major payment platforms BPAY, Eftpos and New Payments Platform Australia has been challenged by a Sydney-based fintech, which has accused NPPA of patent infringement.
The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.
Five enforcement officers of the Australian Competition and Consumer Commission will be cross-examined by lawyers for banks facing price fixing charges over their conduct following ANZ’s $2.5 billion capital raising six years ago.