More law firms may soon be targeted in a lawsuit brought by defunct financial advisor Dover Financial alleging three law firms provided negligent advice concerning an inaptly titled ‘client protection policy’, which a judge recently found was “highly misleading” and “an exercise in Orwellian doublespeak”.
GetSwift “sat on” an announcement about a lucrative deal with US-based automotive sales and marketing firm N.A. Williams for more than three weeks, then leaked the news to the media before announcing it on the Australian Stock Exchange, ASIC has told the Federal Court on day two of a trial in the corporate regulator’s case against the logistics tech company.
Investment group Mayfair 101 has denied claims by ASIC that it has engaged in misleading or deceptive advertising of its Platinum products, saying in a response to the regulator’s case the products were aimed at sophisticated investors who were told of the risks.
Émails show the directors of logistics company GetSwift took a “deliberate approach” to inflating the company’s share price through a constant supply of positive ASX announcements about new multimillion-dollar contracts, ASIC said on the first day of a highly anticipated five-week trial.
ASIC has slapped an Australian unit of French investment bank Société Générale with additional licence conditions for failing to comply with its obligations for handling client money over a near four-year period.
There may not be enough registered liquidators in Australia to respond to a possible wave of COVID-19 insolvencies, the Australian Securities and Investment Commission has warned.
The Australian Securities and Investments Commission will have to face trial in a defamation lawsuit brought by a Queensland building and mortgage company over two media releases the corporate regulator issued in 2018 and 2019, after defeating a separate $10 million defamation case last year.
ASIC has launched a bid to gain access to legal advice provided by Ashurst to Australia and New Zealand Banking Group in the regulator’s case over $35 million in allegedly illegal bank fees.
A judge has approved a $5 million penalty against the Commonwealth Bank of Australia for overcharging customers $8 million in fees and interest on its agricultural products, despite previously expressing concerns that the penalty was “on the light side”.
A judge has questioned ASIC’s proposed $5 million penalty against the Commonwealth Bank of Australia, saying it was “on the light side” for the bank’s conduct in overcharging $8 million in fees on its agricultural products.