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Macquarie Bank is challenging a ruling that it pay $330,000 in pecuniary penalties after it was found to have underpaid a group of former financial advisers because of a "defective and deficient" payment system.
Macquarie Bank has been ordered to fork out $330,000 to dozens of former advisers for a "defective and deficient" system which saw the bank fail to pay a raft of employment entitlements.
Former Macquarie Bank financial advisers who claimed their commission pay structure left them shortchanged have won their case for back pay for annual and personal leave, in the first decision in a group of cases against the wealth manager.
Three former Macquarie Bank financial advisors who claim the bank underpaid them have successfully appealed a decision ordering them to hand over personal tax assessments, with an appeals court finding that the most the bank could make of the documents was to “inflict a degree of embarrassment” on its ex-employees.
A landmark judgment by the Full Federal Court has found that a full bench of the Fair Work Commission "misconstrued" its own authority to make general protections findings about the dismissal of employees.
Slater and Gordon has brought proceedings against a sacked principal lawyer who led the firm's largest practice in its Penrith, NSW office, seeking injunctions to prevent her from poaching clients allegedly worth over $1.3 million in billing revenue.
Fifteen former Macquarie Bank financial advisers are looking to expand their $2.6 million wages case against the bank, seeking evidence around allegedly unreasonable and unlawful deductions from their commissions.