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MLC has agreed to cop a $10 million penalty for admitted breaches of the Corporations Act in an ASIC case that alleged the insurer failed to promptly update medical terms in policies and withheld payment of a life insurance benefit.
The Australian Securities and Investments Commission is fighting a challenge by three KordaMentha partners to the regulator’s decision to allow insurer Atradius to subject them to public examination over their administration of failed steel giant Arrium.
Stock broker Fortrend Securities has secured an order prohibiting two former advisors from contacting their old clients while they litigate a dispute alleging the advisors conspired with Shaw & Partners to poach customers.