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Commonwealth Bank subsidiary Colonial First State and former director Linda Elkins face a class action alleging the wealth management group breached its superannuation trustee duties by failing to promptly transfer $3.2 billion of default members’ funds to a lower-cost, high-performing MySuper product.
Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.
Fitch Ratings has agreed to settle the last of the investor class actions in Australia flowing from the global financial crisis, a court heard Friday.
The corporate watchdog has warned “robust” enforcement action is on the cards for banks and lenders, after a review found consumer credit insurance policies to be "extremely poor value for money", paying out as little as 11 cents per dollar spent in premiums on average.
Rival law firms Maurice Blackburn and Phi Finney McDonald will be allowed to work together without consolidating their separate shareholder class actions against the Commonwealth Bank of Australia, after a judge ruled that the bank had overstated the potential for extra costs and delays.
A former Commonwealth Bank executive facing criminal commercial bribery charges has been ordered to hand over a number of documents in a US lawsuit brought by IT company Computer Sciences Corporation, but has avoided orders compelling him to take the witness stand.
The Commonwealth Bank must overhaul its privacy practices as part of a court-enforceable undertaking with the Australian Information Commissioner following two data breaches.
While no means a flood, the class actions filed in response to the shocking evidence of misbehaviour at last year's banking royal commission have been steadily flowing and show no signs of drying up. Here, we give you the round-up of cases launched so far, the latest developments in each, and what's coming down the pipeline.