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ASIC takes Kraken crypto exchange operator to court
Cryptocurrency 2023-09-21 1:29 pm By Christine Caulfield

The corporate regulator has brought proceedings against the Australian arm of Kraken Crypto Exchange, alleging it breached design and distribution obligations for a margin trading product that has lost customers almost $13 million.

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ASIC alleges AustralianSuper caused $69M in member losses
Financial Services 2023-09-08 11:00 pm By Cat Fredenburgh

The corporate regulator has taken the country’s largest superannuation fund, AustralianSuper, to court for allegedly causing $69 million in losses to customers by failing to merge multiple superannuation accounts.

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ME Bank pleads guilty to misleading borrowers, says crime didn’t hurt anyone
Financial Services 2023-09-07 11:00 pm By Sam Matthews

Direct bank Members Equity has pleaded guilty to criminal charges over misleading representations to customers, but a judge has questioned the bank’s submissions in favour of a low penalty, noting it was only “happenstance” that a systems glitch didn’t lead to worse outcomes for customers.

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PayPal taken to court over 60-day deadline for complaints
Financial Services 2023-09-07 12:54 pm By Sam Matthews

The corporate regulator has filed a suit against fintech giant PayPal over a term in its contracts with small businesses that sets a deadline for complaints about excess fees.

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ASIC wins case against digital lender Ferratum
Financial Services 2023-09-07 11:41 am By Cindy Cameronne

The Australian Securities and Investments Commission has won its case against Finnish microloan company Ferratum alleging it overcharged vulnerable, low-income consumers during the height of the COVID-19 pandemic. 

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ASIC flags penalty privilege fight with Nuix directors
ASIC 2023-09-06 10:12 pm By Sam Matthews

As it readies its civil penalty suit against tech company Nuix for trial, ASIC has flagged a possible dispute about the extent of penalty privilege pleaded by a handful of former and current directors named in the case.

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Westpac sued by ASIC for ignoring financial hardship claims
Financial Services 2023-09-05 6:38 am By Christine Caulfield

ASIC has brought court action against Westpac for allegedly dropping the ball on financial hardship claims by customers, some of whom had property seized or declared bankruptcy while waiting for a response from the Big Four bank.

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ASIC has ‘limited success’ in case against funeral insurer, wins $1.2M penalty
Competition & Consumer Protection 2023-09-05 11:13 pm By Christine Caulfield

A judge has order ACBF Funeral Plans to pay $1.2 million for misleading its First Nations customers, a penalty less than one-fifth the fine sought by ASIC.

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Despite conflicts, ASIC loses fight over insolvency partners’ remuneration
Restructuring & Insolvency 2023-09-01 11:04 pm By Christine Caulfield

Two former Ferrier Hodgson partners had conflicts of interest when they accepted appointments as administrators of a failed pig farm operation, an appeals court has found, but their remuneration won’t take a hit as a result.

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IAG may face follow-on class action over ‘loyalty discounts’
Class Actions 2023-08-31 2:33 pm By Cat Fredenburgh

Two units of insurer IAG are facing possible class actions that mirror claims in proceedings brought by the Australian Securities and Investments Commission last week that accuse the insurer of misleading home owners insurance customers about loyalty discounts.

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