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.
Switzer Financial Group has sued a former senior adviser, claiming he sent a defamatory email to a client accusing the firm — run by financial commentator Peter Switzer — of lacking concern about a conflict of interest.
Compliance and legal specialist Sophie Grace has rejected allegations it was responsible for defunct forex trader Gallop International Group’s collapse after it allegedly loaned $15.4 million in investor funds to the company’s director in Hong Kong.
Forum Finance director Bill Papas’ cousin has hit back at Westpac’s allegations he wrongfully received $720,000 from the alleged fraudster in violation of freezing orders made in the bank’s lawsuit, which seeks to recoup $294 million paid into an alleged fraudulent scheme.
A group of banks that failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse have been ordered to pay indemnity costs after a court found they rejected $10 million settlement offers three days into the trial.
Superannuation provider Statewide Super has been ordered to pay a $4 million penalty for an administrative error that saw around 12,500 fund members charged for insurance they did not receive.
A Fairfax journalist and his employer have been ordered to pay $400,000 for making “baseless” accusations of fraud and unethical market manipulation against the co-founder of an Australian blockchain-based energy trading platform.