ASIC has notched up a win against derivative issuer AGM Markets and two of its authorised representatives, with a court finding they engaged in misleading, deceptive and unconscionable conduct that caused investor losses of over $30 million.
A company owned by mining magnate Clive Palmer has lost its bid to temporarily block funding for a class action over the troubled Coolum Palmer Resort, with the Federal Court finding that special levies garnered from villa owners to back the proceedings were above board and legal.
ASIC has criticised a Federal Court judge for his ‘thought experiments’ around prospective home loan applicants feasting on Wagyu beef and shiraz, as the regulator challenges the judge’s dismissal of its responsible lending case against Westpac.
A former Maple Brown Abbott analyst has pleaded guilty to insider trading and communicating inside information in relation to $1.6 million in shares of collapsed video company Big Un.
Life insurer TAL has stood by its decision to deny coverage to a cancer patient, which landed it in hot with the Australian Securities and Investments Commission, saying it would not have issued the policy had it known the patient saw a psychologist on several occasions.
National Australia Bank’s “grossly deficient” systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.
An ACCC officer who was heading up a team investigating alleged cartel conduct by ANZ Banking Group and three investment banks has admitted that the regulator may have made an ‘oversight’ in a letter of comfort offered to JPMorgan ahead of the bank’s immunity application in the case.
Former Bellamy’s Australia director Jan Cameron has been charged by prosecutors after an ASIC investigation over her alleged failure to disclose her substantial stake in the organic baby food company.
During another day of cross-examination in a criminal cartel case against ANZ and two investment banks, a key ACCC officer was accused of lying about his interrogation of a key cartel witness, with the officer insisting there was nothing “sinister” in his examination.
A Canadian trader is appealing a ruling that threw out his $10 million defamation case against the Australian Securities and Investments Commission over allegedly defamatory communications the regulator sent to major stockbrokers.