Judge spots ‘fundamental flaw’ in NAB insurance class action settlement

Class Actions February 25, 2020 10:25 pm By Miklos Bolza

A judge has questioned whether he should sign off on a $49.5 million settlement in a class action against National Australia Bank over allegedly worthless credit card insurance, which he said had a “fundamental flaw” because it did not contain a provision automatically cancelling group members’ policies.

ASIC pans Wagyu and shiraz ‘thought experiments’ in Westpac home loan appeal
Financial Services February 25, 2020 5:05 pm By Miklos Bolza

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.

ACCC’s Rod Sims says more competition cases in the pipeline
Competition & Consumer Protection February 25, 2020 8:57 pm By Alison Eveleigh

The ACCC has revealed that it will bring at least four new competition cases this year, with chairman Rod Sims also promising that the regulator could pick up the pace when it comes to launching proceedings.