Former Tennis Australia president Steven Healy has lost his bid for $4.3 million in indemnity costs against ASIC over its failed case over the rights to the Australian Open, with a judge finding the regulatorâs case against him had âreasonable prospects of successâ before trial.
Three law firms and a consultancy are fighting a bid by defunct financial advisor Dover Financial to bring negligence claims against two lawyers over a so-called client protection policy found to be “an exercise in Orwellian doublespeak”.
E&P Financial Group says it will defend a class action brought against it, subsidiary Dixon Advisory and director Alan Dixon, alleging they reaped millions of dollars in fees by pushing unsuitable financial products onto investors.
A judge has ordered a class action against AMP to provide more detail in its case accusing the financial services firm of failing to disclose information to shareholders about allegedly misleading ASIC and charging clients fees for no service.
The Australian Securities and Investments Commission has accused Finnish microloan company Ferratum of overcharging vulnerable, low-income consumers during the height of the COVID-19 pandemic.
A fine imposed against the Commonwealth Bank for false and misleading representations to customers should reflect offences that were “well below the midpoint” of seriousness, counsel for the bank has told a judge overseeing the first criminal case of its kind. Â
Two law firms accused of providing negligent advice to Dover Financial over a so-called client protection policy found to be “highly misleading” have argued the defunct financial advisor should not be able to recover the $1.2 million penalty it was ordered to pay.
ASIC has flagged it may take regulatory action against super fund executives and directors for switching personal investment options using insider information.
The corporate regulator has brought proceedings against the former boss of defunct Freedom Insurance and another executive over an insurance sales program that incentivized sales agents with overseas holidays and a Vespa scooter.
The founder of troubled sports streaming start-up Sports Flick has filed a $12.7 million lawsuit against former investors seeking to be reinstated as director and shareholder of the company.