Aware Finance, formerly StatePlus, has been fined $20 million for charging over 25,000 customers approximately $50 million for services they did not receive.
Avant Insurance has challenged a Federal Court judge’s interpretation of the Insurance Contracts Act in its second attempt to avoid liability for the defence costs of a plastic surgeon named in a class action brought over botched breast augmentations.
A judge has hit IOOF unit RI Advice with a $6 million penalty for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments, despite earlier expressing concerns the penalty may not have enough sting.
A judge has raised concerns about a $6 million penalty proposed by the Australian Securities and Investments Commission against IOOF unit RI Advice for failing to rein in an adviser who reaped hefty commissions for steering clients towards risky investments.
Singapore telecommunications giant SingTel cannot claim over $894 million in tax deductible “transfer pricing benefits” for interest paid by a cross-border subsidiary on a loan for the $14.2 billion acquisition of Optus, the Federal Court has ruled.
IVF company Virtus Health has withdrawn its offer to acquire rival Adora Fertility from Healius, citing the competition regulator’s opposition to the takeover.
Apple has rejected claims that it misused its market power by pulling Epic Games’ popular Fortnite game from its App Store and says the move did not affect the game developer’s business because most of its revenue comes from other platforms.
The Commonwealth Bank of Australia has failed in its bid to dismiss a case brought by customers who claim they were the victims of “cuckoo-smurfing” and had funds seized as proceeds of crime because the bank breached its anti-money laundering obligations.
In rejecting a bid by The Star Entertainment Group to recoup losses stemming from the COVID-19 pandemic, the Federal Court’s Chief Justice did “real and unexplained violence” to the construction of a business interruption policy the casino giant had taken out with Chubb, the Full Court has heard.
Investors in collapsed stockbroker Halifax Investment Services have failed to overturn decisions in Australia and New Zealand relating to the date of realisation of their investments which have decreased the amount they can recover in the company’s liquidation.