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HWL Ebsworth forced to hand over client file notes to ANZ whistleblower
Business of Law 2021-05-10 4:48 pm By Miklos Bolza

HWL Ebsworth has been ordered to hand over file notes to a former client and whistleblower suing ANZ for unfair dismissal, with a judge rejecting the law firm’s argument that the notes were created solely for the benefit of the junior solicitor taking them.

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Statewide Super won’t defend ASIC case over $1.5M insurance mistake
Financial Services 2021-05-07 9:36 pm By Miklos Bolza

Superannuation provider Statewide Super has announced that it will not defend civil penalty proceedings brought by ASIC over an administrative error which resulted in around 12,500 fund members being charged for non-existent insurance.

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ASIC accuses Westpac of insider trading over Ausgrid privatisation
White Collar 2021-05-05 10:52 am By Miklos Bolza

Westpac has been accused by the corporate regulator of insider trading before the $16 billion privatisation of electricity provider Ausgrid.

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Forex CT ordered to pay $20M for unconscionable sales tactics
Financial Services 2021-05-03 3:06 pm By Cindy Cameronne

ASIC has won a $20 million judgment against derivative trader Forex CT for using ā€œunfairā€ sales tactics and misleading clients into making trades from which the company would benefit even when they had informed their adviser they had limited financial resources.

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First overseas funder wins licence to back class actions in Australia
ASIC 2021-04-30 3:33 pm By Miklos Bolza

UK-based Woodsford Litigation Funding has become the first overseas funder authorised to finance Australian class actions under recent laws cracking down on the litigation funding industry.

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Herbert Smith Freehills lawyer appointed new head of ASIC
ASIC 2021-04-29 12:21 pm By Cat Fredenburgh

A Herbert Smith Freehills lawyer and former Deutsche Bank general counsel who previously led ASIC’s litigation and enforcement team has been appointed to replace the corporate regulator’s outgoing chair James Shipton.

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CBA warns of ‘danger’ in using app to alert customers to $7M penalty
Financial Services 2021-04-28 2:31 pm By Miklos Bolza

The Commonwealth Bank of Australia is resisting a novel proposal by ASIC to use its CommBank app to notify 6.3 million customers of a $7 million fine against it for overcharging interest, saying the move would pose a “significant risk” to the public.

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Trustee of Mayfair’s IPO Wealth looks to dodge liability in $86M class action
Class Actions 2021-04-26 5:53 pm By Miklos Bolza

The trustee of Mayfair Group’s collapsed IPO Wealth Fund has denied claims in a class action that it misled investors who lost $86 million when the fund was wound up, and says it is fully indemnified for the class action’s claims under an agreement with the fund.

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ASIC uncovers ‘deficiencies’ in advice by IOOF units
Financial Services 2021-04-26 1:53 pm By Cat Fredenburgh

An ASIC review has found that 17 per cent of clients of IOOF unit RI Advice may have been exposed to harm, one month after a judge found that one of its former advisors violated the law by steering investors towards risky investments.

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ASIC asks court to approve receivers to sell Melissa Caddick’s assets
Restructuring & Insolvency 2021-04-23 10:06 pm By Cat Fredenburgh

Two months after the remains of accused fraudster Melissa Caddick were discovered on a NSW beach, ASIC is seeking to appoint final receivers to realise her assets, although the family and friends who invested tens of millions with the Sydney businesswoman are not expected to fully recoup their investments.

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