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Dover can seek access to ASIC files in bid to prove ‘Orwellian’ client protection policy harmed no one
Financial Services 2019-12-20 11:04 pm By Christine Caulfield

Defunct Dover Financial, which faces a penalty hearing next year after it was found to have misled customers with an inaptly titled ‘client protection policy’, can bring an application for evidence from the corporate regulator that the policy did not harm anyone.

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ASIC takes Volkswagen to court for alleged car loan breaches
Financial Services 2019-12-20 10:23 pm By Christine Caulfield

Not bowed by its defeat against Westpac in a case over alleged responsible lending breaches, the Australian Securities and Investments Commission has brought action against Volkswagen alleging similar violations of the credit laws in relation to almost 50,000 car loans over three years.

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IMF drops fight over commission in settled Murray Goulburn class action
Class Actions 2019-12-20 9:33 pm By Miklos Bolza

Litigation funder IMF Bentham has thrown in the towel in a battle over its cut of a $42 million settlement in a class action against dairy cooperative Murray Goulburn, accepting the Federal Court’s proposed 25 per cent commission rate after initially seeking 32 per cent.

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CIMIC settles shareholder class action over corruption disclosures
Class Actions 2019-12-20 1:17 pm By Cat Fredenburgh

Engineering services company CIMIC has agreed to settle a long-running shareholder class action launched in the wake of media reports of an alleged $42 million bribe paid by the firm to win a lucrative oil contract.

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Trial date vacated again in Country Care criminal cartel case
Competition & Consumer Protection 2019-12-19 11:43 pm By Cat Fredenburgh

A judge has vacated an upcoming trial date in a criminal cartel proceeding against mobile equipment provider Country Care Group and two individuals, and allowed the defendants to appeal a first-of-its-kind ruling on jury directions in criminal cartel cases.

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Westpac hit with $9.15M penalty over bad advice
Financial Services 2019-12-19 3:41 pm By Cat Fredenburgh

A Federal Court judge has ordered Westpac to pay a $9.15 million penalty after one of its financial advisers breached the best interests duty by giving customers bad advice that resulted in millions in losses.

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ACCC flags competition concerns in Bauer’s $40M takeover of Pacific Magazines
Competition & Consumer Protection 2019-12-19 2:08 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has raised preliminary competition concerns about Bauer Media’s planned $40 million acquisition of Pacific Magazines, a deal that would combine Australia’s two largest magazine publishers, saying competition needs to be preserved even in declining markets.

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Westpac hit with first class action over AUSTRAC scandal
Financial Services 2019-12-18 1:12 pm By Cat Fredenburgh

Westpac is facing a class action on behalf shareholders in three countries over its alleged anti-money laundering and counter-terrorism financing breaches and disclosures.

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NAB faces ASIC wrath with second fees for no service case
Financial Services 2019-12-17 11:49 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has taken legal action against National Australia Bank alleging thousands of violations of the law through its fees for no service conduct, exposing the bank to the risk of significant penalties.

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ASIC takes life insurer TAL to court over handling of cancer victim’s claim
Insurance 2019-12-17 10:22 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has taken legal action on another referral from the banking royal commission, dragging life insurer TAL to court for allegedly engaging in misleading and deceptive conduct in its handling of a claim for coverage.

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