ASIC

The Australian Securities and Investments Commission has cancelled the Australian financial services license of Quattro Capital, which counted two Mayfair 101 entities among its corporate authorised representatives.

Forex Capital Trading liquidators have won an “urgent” bid for orders allowing them to distribute $69.5 million to 8,600 former customers of the derivatives trader which allegedly gave misleading advice on products described as “little more than gambling”.

Shine Lawyers has beaten out class action rival Piper Alderman in a battle to lead a class action worth up to $463 million against collapsed wealth managers Dixon Advisory, with a judge finding the firm’s no win, no fee model was likely to result in a greater return to group members.

Challenging a ruling that tossed half the charges brought against direct bank Members Equity, prosecutors have told an appeals court the ASIC Act does not impose a strict deadline for bringing a criminal case of misleading or deceptive conduct.

A judge has found that financial advisers acting for Ultiqa Lifestyle Promotions gave advice against the best interests of consumers, cornering them into investing thousands of dollars into a timeshare scheme that many could not afford.

Logistics company GetSwift and its directors have dropped their challenge to a judgment that found the company breached its continuous disclosure obligations with its “PR-driven” approach to ASX statements.

Debt collection agency A&M Group, trading as Debt Negotiators, has admitted it unduly harassed and coerced debtors by repeatedly contacting family, friends and employers and claiming they could face imprisonment.

A proposed consolidation of two class actions against collapsed wealth manager Dixon Advisory has hit a snag, with Shine Lawyers wanting to ensure group members who have signed up for its no win, no fee proceeding don’t get stuck paying the commission of the funder backing its rival’s case.

Former Bellamy’s Australia director Jan Cameron has filed proceedings against the Australian Taxation Office to avoid paying capital gains tax on the sale of 2.5 million shares in the organic baby food company 2018.

AMP has admitted two of its units charged customers fees for no service but denied it acted unconscionably in a case brought by the corporate regulator alleging it continued to charge advice fees and life insurance premiums to customers who had died.