Banking giant Westpac has criticised the Australian Securities and Investments Commission’s old fashioned approach to home loan serviceability, saying its own complex system is more efficient and would “pass muster” in the face of the regulator’s allegations that it breached responsible lending laws.
The Australian Securities and Investments Commission will gets a chance on Monday to prove its claims that Westpac breached responsible lending laws by providing unsuitable home loans when the two face off in a high-stakes trial following the court’s rejection of what would have been a record $35 million penalty for breaching the country’s lending laws.
A judge has refused to summarily dismiss a claim that the Federal Court has inherent power to order the winding up of a foreign company even if the company has no business in Australia and is not subject to the Corporations Act.
Funding for a shareholder class action against mineral sands company Iluka Resources is in doubt after Harbour Litigation Funding unilaterally backed out of an agreement to finance the litigation.
A case simultaneously challenging IP Australia’s decisions to accept, grant and certify an innovation patent owned by one of Australia’s biggest building product companies has been withdrawn, a court has heard.
The trustee of the Retail Employees Superannuation Trust wants more details about an ecological landscaper’s allegation that it breached its duty of care by failing to make adequate disclosures about climate change risks.
The Full Court has denied a bid by Deep Investments to vary orders dismissing its case against a solicitor and six others over $10 million in alleged share trading losses, saying this would amount to allowing the investment adviser to bring a different claim.
A Federal Court judge has criticised a Federal Circuit Court judge for the “professional discourtesy” he showed in his treatment of an Iranian refugee’s case, including delaying publication of judgment for 75 days after delivering his reasons orally.
A court has dismissed an application for a common fund order in a class action against Westpac, saying the applicant in the Maurice Blackburn-led action had failed to sufficiently detail the case and had “shirked” its responsibility by launching the proceedings with a concise statement alone.
Banking giant Westpac has criticised Maurice Blackburn for rushing to file the first class action in the wake of the banking royal commission’s scathing final report, saying the self-appointed leading class action firm should know how to properly commence proceedings.