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JPMorgan disputed existence of cartel agreement with ANZ, court hears
Competition & Consumer Protection 2020-07-20 8:31 pm By Miklos Bolza

Despite receiving immunity in a criminal cartel case against ANZ and two other investment banks, JPMorgan has disputed the existence of any cartel agreement since the early days of the ACCC’s investigations, a court has heard.

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ASIC loses bid for Ashurst documents on ANZ fee advice ‘for now’
Financial Services 2020-07-17 4:47 pm By Alison Eveleigh

Australia’s corporate watchdog has lost its bid to obtain Ashurst’s advice to Australia and New Zealand Banking Group about potentially illegal bank fees “for now”, but a judge has signalled that this may not be the end of the matter.

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ASIC takes Forex CT to court over ‘unconscionable’ sales tactics
Financial Services 2020-07-17 4:03 pm By Miklos Bolza

ASIC has launched court proceedings against Melbourne-based foreign exchange and derivative trader Forex CT alleging it engaged in unconscionable sales tactics that led to hundreds of thousands of dollars in investor losses.

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Clive Palmer hit with criminal charges over $12M in transfers
White Collar 2020-07-17 1:58 pm By Cat Fredenburgh

Queensland politician and mining magnate Clive Palmer has been hit with criminal charges for allegedly using his position as director of Minerology to allow $12 million in transfers for unauthorised purposes, including to support his party’s political ambitions.

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Kogan misled customers with tax promotion, court finds
Competition & Consumer Protection 2020-07-17 12:45 pm By Miklos Bolza

The Australian Competition and Consumer Commission has succeeded in its case against Kogan, with a judge finding statements the online retailer made during a 2018 promotion were misleading and drew consumers into the company’s “marketing web”.

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Westpac hit with class action over banned car loan scheme
Class Actions 2020-07-16 10:35 pm By Cat Fredenburgh

Westpac has been hit with a class action over a “shonky” car loan scheme, in what is the first class to be filed in Victoria Supreme Court following passage of a state law allowing lawyers to earn contingency fees.

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Medibank ordered to pay $5M for misleading members over coverage for critical surgery
Competition & Consumer Protection 2020-07-16 1:20 pm By Christine Caulfield

A judge has ordered private health insurer Medibank to pay $5 million in penalties for rejecting the claims of hundreds of members who were entitled to coverage for critical medical procedures, including spinal surgery.

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‘Horrendous class action journey’: BoQ case should be focus of inquiry, group members say
Class Actions 2020-07-15 11:23 pm By Miklos Bolza

Elderly victims of Ponzi schemer Bradley Sherwin have told the government’s class action inquiry of their “horrendous class action journey”, which led to a “pathetic outcome” in which the majority of a $12 million settlement with the Bank of Queensland went to the law firm and funder behind the case.

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Westpac defends AUSTRAC disclosures in shareholder class action
Class Actions 2020-07-15 7:02 pm By Miklos Bolza

Westpac has denied claims in a shareholder class action filed in the wake of AUSTRAC proceedings alleging 23 million breaches of anti-money laundering and counter-terrorism finance laws, saying the information the class action says it should have disclosed to shareholders “did not exist”.

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COVID-19 has led to 30 per cent spike in FWC cases, president says
Employment 2020-07-15 6:53 pm By Miklos Bolza

An increase in the number of unfair dismissal cases and the addition of JobKeeper disputes has seen the general caseload of the Fair Work Commission jump by 30 per cent as a result of the COVID-19 pandemic, FWC President Justice Iain Ross AO told Lawyerly.

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