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The settlement of two shareholder class actions against sandalwood producer Quintis has been delayed after the company's eleventh-hour revelation that it may have an extra $40 million in insurance.
The High Court has agreed to hear a challenge by Westpac to a ruling in favour of ASIC that found the bank violated its duty to act in customers' best interests during a superannuation rollover campaign, a case that could clarify the line between personal and general financial advice.
Sandalwood producer Quintis has agreed to settle two class actions by shareholders, but the claims against company founder Frank Wilson and auditor EY will proceed for now.
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.
The Full Federal Court has handed the Australian Securities and Investments Commission a win in a high-stakes appeal over what constitutes personal advice under financial services laws, finding Westpac violated its duty to act in its customers best interests through a superannuation rollover campaign.
Westpac has offered an appeals court two more reasons to affirm its victory in a closely watched responsible lending case brought by the Australian Securities and Investments Commission over almost 262,000 home loans.
The plaintiffs in one of two shareholder class actions brought against troubled sandalwood producer Quintis have complained about potential delays that could result from the “overly complicated loss theory” being advanced in a parallel class action.
The Australian Securities and Investments Commission has filed an appeal against the Federal Court’s responsible lending ruling in favour of Westpac, arguing the decision had created uncertainty around the obligations of credit providers.
The Australian Securities and Investments Commission is seeking evidence from US proceedings in its case against Rio Tinto alleging the mining giant misled shareholders about a Mozambique mining company purchased for US$4.2 billion.
Six individuals interviewed by ASIC in relation to the collapse of sandalwood producer Quintis have sought leave to intervene in the regulator's case against the company's founder, Frank Wilson, after he sought discovery from ASIC of interview transcripts.