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ASIC takes action against CBA over banned super payments
Financial Services 2020-06-23 3:51 pm By Alison Eveleigh

The Australian Securities and Investment Commission has launched proceedings against the Commonwealth Bank of Australia and its subsidiary Colonial First State Investments over the alleged payment of conflicted remuneration for a superannuation product jointly developed by the financial giants.

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Dodo and iPrimus dragged to court by ACCC over broadband speed claims  
Competition & Consumer Protection 2020-06-23 3:42 pm By Alison Eveleigh

Telecommunications companies Dodo and iPrimus are facing court proceedings by the Australian Competition and Consumer Commission for allegedly making false or misleading claims about the NBN broadband speeds their customers could achieve during busy evening hours.

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Trial judge urges common sense in ASIC case against GetSwift
Securities 2020-06-22 4:58 pm By Miklos Bolza

A judge has dismissed a defensive bid by ASIC to amend its case against GetSwift mid-trial, instead calling on “common sense” to be injected into the proceeding as the hearing enters its second week.

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ACCC to monitor airline competitiveness after Virgin collapse
Competition & Consumer Protection 2020-06-19 5:09 pm By Alison Eveleigh

The Government has asked the Australian Competition and Consumer Commission to actively monitor the competitiveness of the domestic air travel market, which has been severely impacted by the COVID-19 pandemic.

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ABC owes casuals $12M in unpaid wages
Employment 2020-06-19 1:29 pm By Cat Fredenburgh

The Australian Broadcasting Corporation has agreed to pay 1,800 current and former casual staff $12 million in unpaid wages, following an investigation by the Fair Work Ombudsman that found some workers were paid less than minimum wage.

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Norwegian shipper pleads guilty to cartel charge, says fine should be $20M
Competition & Consumer Protection 2020-06-18 5:02 pm By Alison Eveleigh

Norway-based shipping company Wallenius Wilhlmsen Ocean AS has pleaded guilty to one charge of criminal cartel conduct, but told a court the penalty should be discounted from the maximum by over 50 per cent.

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Binary options trader hit with $1.8M penalty for ‘systemic’ exploitation
Financial Services 2020-06-18 4:10 pm By Cat Fredenburgh

A Marshall Islands-based binary options trader has been hit with a $1.8 million penalty after a judge found it engaged in the “deliberate deception of vulnerable people”.

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More law firms to be dragged into Dover Financial negligence case
Financial Services 2020-06-17 6:30 pm By Alison Eveleigh

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”.

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Judge tells AUSTRAC to ‘guillotine’ Westpac case as it readies more claims
Financial Services 2020-06-17 4:12 pm By Alison Eveleigh

A judge has warned AUSTRAC that it needs to finalise its case against Westpac over anti-money laundering breaches as the regulator readies a slew of new claims, quashing any hopes of a trial this year.

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GetSwift leaked $138M deal to the press ahead of ASX announcement, ASIC says
Securities 2020-06-16 7:26 pm By Miklos Bolza

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.

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