A judge has vacated next year’s trial in ASIC’s insider trading case against Westpac despite “misgivings”, and has made orders regarding confidential evidence after the Australian financial watchdog argued that handing the material to the bank could damage its relationship with its Hong Kong counterpart.
A judge has given the liquidators of Linchpin Capital a final chance to defend a shareholder class action before judgment is made against the collapsed financial services group and one of its subsidiaries.
A judge has issued an ultimatum to Forum Finance director Bill Papas for his “entirely unsatisfactory” conduct in failing to provide details of personal assets while defending three lawsuits that accuse him of being behind a $400 million fraud.
Westpac has been ordered to pay $3 million after two subsidiaries admitted misleading hundreds of superannuation customers about the financial adviser fees they were charged, a penalty that took into account the Big Four bank’s massive profits.
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.