ASIC is challenging the dismissal of its enforcement action against payday lenders Cigno and BHF Solutions in a decision that found the companies did not need a licence to issue loans to hundreds of thousands of consumers.
A judge has allowed a key US-based witness in ASIC’s case against former Quintis director Frank Wilson who will not submit to 14 days in hotel quarantine to give evidence by video link.
The Australian Securities and Investments Commission has dropped its criminal investigation of AMP over its fees-for-no-service conduct which was aired during the banking royal commission.
The director of the Forum Group companies accused of a $360 million fraud involving at least three major banks can’t return to Australia from Greece because he has COVID-19, his lawyer has told the Federal Court.
ASICās case accusing Westpac of insider trading before the $16 billion privatisation of electricity provider Ausgrid should be heard āas quickly as the court can deal with itā, a judge has said.
Japanese bankng giant SMBC has emerged as the latest lender with exposure to an alleged fraud carried out by Sydney-based Forum Finance, with proceedings filed seeking recovery of almost $99 million it says it paid to a unit of Forum Group and controversial director Bill Papas.
ASIC is seeking $1.5 million in penalties against insurers Allianz and AWP after they admitted to misleading or deceiving the public by selling travel insurance to ineligible customers through three Expedia-owned websites.
Zurich Group life insurance subsidiary OnePath Life will refund $35 million to 40,000 customers who were sold life insurance over the phone and were subject to “egregious” sales practices.
ASIC may end exemptions for law firms running class actions under conditional costs schemes from complying with registration and licensing requirements that were put in place as part of the federal governmentās reforms targeting litigation funders.
The Federal Court has ordered the winding up of Forum Finance, which has been accused by Westpac and French investment bank Societe Generale of a $263 million fraud, as details of the company’s jetsetting director’s planned return to Australia from Europe remain murky.