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Two National Australia Bank units have been hit with a class action alleging they violated their duties as superannuation trustees by allegedly failing to transfer members to funds with lower fees.
A new superannuation bill working its way through the Federal Parliament should include a right of action for employees to seek damages against businesses that fail to make super payments, according to a Maurice Blackburn partner.
The head of failed global music streamer Guvera has been banned by the corporate regulator from managing corporations for two years for failing to avoid conflicts of interest or pay the company's taxes.
National Australia Bank will be hit this year with an estimated $750 million in fines stemming from its fees for no service conduct and potential breaches of money laundering laws, analysts have predicted.
The liquidators of Melbourne-based forex trader Berndale Capital have filed examination proceedings in the Federal Court seeking to question the company's former CEO and its other directors.
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.
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.
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.
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.
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.