The director of now defunct foreign exchange and derivative trader Forex Capital Trading has been banned from providing financial services for 10 years after ASIC found he had a serious lack of regard for compliance while overseeing the firm’s Wolf of Wall Street-esque trading floor culture.
Payouts in class actions in 2020 largely kept pace with the previous year despite the financial strain of the COVID-19 pandemic, with companies and other defendants paying more than $696 million to settle class actions last year.
The law firm that led an unfunded class action against the Federal government over the controversial Robodebt scheme will ask the court to approve up to $16 million in legal costs when it seeks approval for the $112 million settlement reached in the class action last year.
The applicant in the settled Robodebt class action has warned a judge he will have a “dispute on [his] hands” if the government presses an argument that law firm Gordon Legal is not entitled to some of its legal fees — an argument the court was told would put the Commonwealth in breach of the settlement deed.
The parties in a class action against the Federal Government over the controversial Robodebt scheme have reached an in principle settlement as the first day of a highly anticipated hearing was scheduled to kick off.
A judge has expressed doubts that every group member in the Robodebt class action is vulnerable, as the parties gear up for two-week trial in the high-profile case over the unlawful debt recovery method that begins Monday.
A judge has refused an application by the Federal Government to appeal the expansion of the Robodebt class action pleadings despite finding the case was “troubling”, “weak” and in certain aspects “[made] no sense whatsoever”.
The Federal Government is appealing a judge’s decision to allow the expansion of the Robodebt class action to include claims against five public officers, including Federal Minister Alan Tudge.
The corporate regulator has launched enforcement action against Dixon Advisory & Superannuation Services, accusing the financial services company of having conflicts of interest and providing inappropriate advice to clients.
A court has ordered the winding up of Askk Investment Group and the unregistered managed investment scheme it operated in Beveridge, Victoria, that raised more than $11 million from investors.