A judge has approved a settlement with former directors of collapsed advisory firm Linchpin Capital under which insurer RiverStone will pay $6.3 million, which will be used to fund the investor class actionâs claims against AIG.
A settlement with directors in an investor class action brought over the collapse of advisory firm Linchpin Capital is in the interests of group members, a judge has said.
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.
A judge has blasted an ex-Linchpin directorâs delay in appealing a five-year disqualification ordered by ASIC and threatened to dismiss the appeal after he failed to comply with court orders.
The Australian Securities and Investments Commission has won its case against IOOF unit RI Advice, with a judge finding the financial services firm failed to ensure its advisers acted in the best interests of clients and did not give inappropriate advice.
A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.
A financial adviser at the centre of ASIC’s bad advice case against an IOOF unit might mount an argument that a fair trial is not possible because of his “fulsome” answers to investigators during a compulsory examination.
ASIC’s warning about the futility of mediation with an IOOF subsidiary has proved prophetic, with talks last week failing to resolve the regulator’s case ahead of trial starting Monday.
A judge has ordered ASIC to enter mediation before heading into a “very expensive” trial with an IOOF subsidiary accused of giving shonky advice, over objections from the regulator that mediation would be “completely futile”.