A Federal Court judge on Friday signed off on $100 million in settlements between Australia’s securities regulator and National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd. for attempting to manipulate the market for the bank bill swap reference rate.
Competition for access to the National Broadband Network is ramping up, the ACCC said, and providers are buying more capacity to deliver on promised internet service speeds.
Citibank will provide refunds of $3.3 million to credit card customers for failing to refund them when their credit card accounts were closed with an outstanding credit balance.
A case brought by Australia’s consumer regulator against health insurer NIB Health Funds for allegedly violating consumer protection laws by making changes to its plans without first notifying members will head to trial June 6.
Telstra will offer refunds to some 42,000 customers after promising National Broadband Network speeds that couldn’t be delivered.
The judge overseeing a case brought by Reckitt Benckiser against Aft Pharmaceuticals over its allegedly deceptive painkiller ads has temporarily blocked Aft from releasing ads that claim its Maxigesic painkiller is stronger than other paracetamol-ibuprofen combination drugs.
A possible challenge to the AT&T, Time Warner mega merger by the DOJ, an explanation for the EU’s fascination with U.S. tech giants, and a win for New Zealand’s consumer regulator. Here’s the big competition and consumer protection news from around the globe this week.
Australian Unity will fork over $620,000 in compensation to policy holders after an investigation by the consumer regulator found the health insurer had moved the goal posts by altering dental benefits in annual policies halfway through the year.
AirAsia has agreed to refund thousands of passengers with children who were wrongly charged an extra $60 fee on flights from Darwin to Bali for seven years.
The ACCC will have another go at its case against electronics giant LG next May, according to an order Thursday, and its appeal gives the full Federal Court a chance to clarify whether companies must inform consumers with faulty products of their rights under the Australian Consumer Law.