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Westpac faces ASIC action over ‘junk’ credit insurance
Financial Services 2021-04-08 10:40 am By Christine Caulfield

The corporate cop has launched action against banking giant Westpac for allegedly selling worthless add-on credit card insurance to unwitting customers, the first of what could be a series of cases against banks in the wake of a remediation program that has returned $250 million to hundreds of thousands of account holders with 11 major lenders.

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‘Nothing the Crown does will satisfy these nine accused’: Prosecution defends ANZ cartel indictment
White Collar 2021-04-01 9:56 pm By Cindy Cameronne

The prosecution in a criminal cartel case against several banks and high-ranking executives over a $2.5 billion ANZ share placement has fought back against accusations that its indictment is “fundamentally flawed” and should be quashed.

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ASIC takes CBA to court for hitting customers with $55M in fees
Financial Services 2021-04-01 12:26 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has taken the Commonwealth Bank of Australia to court for slapping nearly 1 million customers with unauthorised monthly access fees totaling $55 million over a nine-year period.

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ASIC will ask to have Melissa Caddick charges dropped
White Collar 2021-03-29 4:28 pm By Cindy Cameronne

The Australian Securities and Investments Commission will seek to drop all charges which were the subject of an arrest warrant against accused fraudster Melissa Caddick, after her remains were found on the NSW South Coast in February.

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Linchpin Capital investors want to add insurers to class action
Class Actions 2021-03-26 12:41 pm By Christine Caulfield

A class action by investors of collapsed Linchpin Capital against the company’s former directors wants to join their insurers as defendants to the proceedings.

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‘Hardly seems worth the powder and the shot’: Judge asks why ASIC still pursuing CBA MySuper case
Financial Services 2021-03-24 3:00 pm By Cindy Cameronne

A judge has questioned why ASIC is still pursuing its case CBA unit Colonial First State over statements made to 12,000 fund managers during the transition to MySuper accounts, after the bank admitted it misled members in 61 of the 80 phone calls at the heart of the case.

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ASIC triumphs in ‘bad advice’ case against IOOF unit
Financial Services 2021-03-24 12:29 pm By Miklos Bolza

A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.

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In win for ASIC, judge rules Mayfair misled investors about risk
Financial Services 2021-03-23 3:24 pm By Miklos Bolza

A judge has handed ASIC a victory in finding that investment group Mayfair 101 misled investors about the level of risk of its financial products, a ruling that will expose the group to pecuniary penalties at a time when a number of its entities have been wound up.

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JPMorgan wants to have its cake and eat it too in ANZ cartel case, court hears
Competition & Consumer Protection 2021-03-19 7:04 pm By Miklos Bolza

Whistleblower JPMorgan can’t be a witness in a criminal cartel case over a $2.5 billion ANZ share placement that has ensnared several investment banks and top executives and claim privilege over witness statements relevant to the case, a court has heard.

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Silk in ASIC cases against Rio Tinto, GetSwift appointed to Federal Court
People In The News 2021-03-19 1:52 pm By Cat Fredenburgh

The Acting Attorney-General has made two appointments to the Federal Court, including the barrister representing ASIC in its high-stakes cases against Rio Tinto and GetSwift.

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