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A judge has questioned AMP Financial Planning over whether it breached court orders to compensate customers after finding the firm failed to prevent a now banned adviser from churning life insurance for higher commissions.
A class action over AMP's fees for no service practice wants communications with law firm Clayton Utz that led up to a report that allegedly went through 25 rounds of edits with the wealth manager's inhouse lawyers before being presented to the corporate regulator as independent.
A judge has raised concerns that AMP Financial Planning has not compensated customers for allegedly failing to prevent life insurance churning, directing the firm to explain the “vanishingly small” number of people who have been remediated.
A judge has approved a $52 million settlement is six class actions against car makers for allegedly selling cars fitted with deadly Takata airbags, under which individuals group members will get around $600 after $31.7 million in expenses is deducted.
A litigation funder has reaped $7.5 million from the sale of a 20 per cent stake in a shareholder class action against the Commonwealth Bank of Australia over the bank's allegedly lax money laundering compliance.
The applicants in a protracted class action against the Commonwealth Bank of Australia brought by borrowers who claim they were forced to default on their commercial loans have lost a bid to amend their pleadings, six years after the case was filed.
Lawyers leading a class action against the Commonwealth Bank over its alleged money laundering compliance failures are getting their ducks in a row in the event the Full Court rules the court has the power to shut out unregistered group members from a class action.
The CDPP's decision to drop all criminal cartel charges against two banks and four individuals in a "test case" over a $2.5 billion ANZ share placement shows the ACCC "lacks expertise and objectivity" on the financial markets and should leave them to ASIC to regulate, according to one of the former accused.
In a stunning reversal, the Commonwealth Director of Public Prosecution has dropped all criminal cartel charges against two investment banks and four individuals in relation to a $2.5 billion ANZ share placement, four years after the charges were brought following an allegedly questionable investigation by the ACCC.
A judge has ordered a class action against AMP to provide more detail in its case accusing the financial services firm of failing to disclose information to shareholders about allegedly misleading ASIC and charging clients fees for no service.